Texas Million-Dollar Home Sales Increase Almost 90 Percent
The number of Texas homes that sold for $1 million or higher increased 89.6 percent from November 2020 to October 2021 compared to the previous reporting period, according to the Texas REALTORS® 2021 Texas Luxury Home Sales Report. This equaled 11,980 sales and a total sales dollar volume of $19.9 billion, a 93.3 percent increase from the previous year.
Luxury home sales in Texas equated to about three percent of total home sales but accounted for 13 percent of all residential sales dollar volume.
“Home price increases in Texas have led to a strong spike in the number of homes sold in the million-dollar-and-up range,” said Marvin Jolly, chairman of Texas REALTORS®. “The price increase has shifted the profile of homes that were historically listed in this category. We are seeing more neighborhoods with homes selling for above $1 million. In many cases, homes that would have sold for under a million dollars last year are topping that mark this year.”
Among Texas luxury homes, the median price for the first 10 months of 2021 was $1,360,133, which is a slight 0.1 percent increase over the previous year. The average price per square foot increased 9.5 percent to $395, more than doubling the overall $166 average price per square foot for Texas homes.
Texas luxury homes spent an average of 55 days on the market from January to October 2021, down 31 days from the same time frame in 2020.
“What defines a million-dollar home is rapidly evolving across the state,” said Jolly. “There is strong demand in the luxury home market in Texas as many buyers from out of state are finding that they can afford a larger or higher-end home compared to the area they came from. Anyone considering buying or selling a luxury property can better understand and navigate this market by working with a REALTOR®.”