Texas Luxury Home Sales Up in 2019
Texas home sales closing at $1 million or higher from November 2018 to October 2019 increased 4.4 percent compared to the previous year, according to the Texas REALTORS® 2019 Texas Luxury Home Sales Report. This resulted in 5,149 home sales of at least $1 million. In this same period, luxury home sales accounted for 8.2 percent of all sales.
From January to October 2019, the median price for a Texas luxury home was $1,375,000, a two percent increase over the prior year. Average price per square foot was up 7.4 percent to $364 per square foot. This more than triples the average price per square foot of all home sales in Texas.
In the Austin-Round Rock Metropolitan Statistical Area, from November 2018 to October 2019, there were 1,085 home sales of at least $1 million. This was a 14.9 percent increase in sales volume compared to the previous year, and these luxury sales accounted for 12.4 percent of the overall market. The average price per square foot among Austin luxury homes was $456 per square foot. Luxury homes spent an average of 74 days on the market.
“The Texas luxury home market continues to see healthy growth,” said Texas REALTORS® Chairman Cindi Bulla. “In addition to longtime residents enjoying the fruits of the Texas economy, many luxury home buyers are high net worth individuals relocating from high cost states like California, while still others are from outside the U.S. Most find they can buy dramatically more house for the same investment compared to their previous location. Add to that a business-friendly environment, no income taxes, and the finest, most friendly people in the world, and it isn’t any wonder Texas’ luxury homes have global appeal and a strong market outlook.”