It was a good year for Texas’ million-dollar homes. The number of Texas homes that sold for $1 million or more from November 2020 to October 2021 increased 89.6 percent, according to the 2021 edition of the Texas REALTORS® Luxury Home Sales Report.
The median price for luxury homes during the first 10 months of 2021 was $1,360,133, which is 0.1 percent more than the previous year. Sales-dollar volume, however, reached $19.9 billion, a 93.3 percent increase from the previous year.
In the reporting period, 11,980 homes sold for $1 million or more across Texas. The homes spent an average of 55 days on the market.
In the Dallas-Fort Worth-Arlington market, a state-leading 3,818 homes were sold, accounting for 31.9 percent of the state total. It was an 80.7 percent increase from a year ago and sales volume was $6.63 billion.
“Home price increases in Texas have led to a strong spike in the number of homes sold in the million-dollar-and-up range,” Marvin Jolly, Texas REALTORS® chairman, said in the report. “The price increase has shifted the profile of homes that were historically listed in this category.”
The average price per square foot for luxury homes increased 9.5 percent to $395, more than double the $166 average price per square foot for all residential homes in Texas.
From January to October 2021, luxury homes in Texas spent an average of 55 days on the market, a decrease of 31 days from the same time period in 2020. On average, luxury homes spend more time on the market than lower-priced homes, according to Texas REALTORS®.
“What defines a million-dollar home is rapidly evolving across the state,” Jolly said. “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.
Source: Candy’s Dirt