Texas Luxury Home Sales Up Almost 24 Percent
Sales of Texas homes that closed for $1 million or more increased 23.5 percent in the latest Texas Luxury Home Sales Report, created through a partnership of Texas REALTORS® and local REALTOR® associations with data analyzed by the Real Estate Center at Texas A&M University. The data is based on single-family home sales in the Austin, Dallas-Fort Worth, Houston, and San Antonio Metropolitan Statistical Areas that sold from November 2019 through October 2020.
The report cited low mortgage rates and greater value than other locations across the country as reasons for the increases. Median home price among these Texas luxury homes was relatively steady at $1,360,000, which is 0.7 percent less than the previous year. Luxury home sales accounted for 8.8 percent of all sales dollar volume in Texas.
Austin had a 41.4 percent increase in luxury home sales volume, and these high-end sales represented 15.6 percent of the overall market. The average price per square foot for Austin luxury homes was $443, more than twice as much as the $201 average price per square foot for all residential sales.
The Executive Summary stated, “Buyers in the market for homes priced at $1 million and above will continue to have a good selection in most areas of Texas. The features of luxury homes vary considerably from one property to another, though—from luxury condominiums and waterfront properties to homes with large acreage and guest quarters. REALTORS® have seen every type of home and can help homebuyers and sellers weigh all their options to make the best real estate decisions for them.”