#United States #Austin #Texas REALTORS #Million-Dollar Homes

Surge in Texas Million-Dollar Home Sales

In an impressive turn of events, Texas has reported a significant increase in sales of homes priced over $1 million. According to the latest figures from the Texas REALTORS® published on January 9, 2025, 12,888 properties fell into the million-dollar category between November 2023 and October 2024. This surge represents a 10% boost compared to the previous year, culminating in a staggering $21.4 billion in sales.

Though only 4% of all homes sold in Texas reached the million-dollar mark, these high-end properties accounted for approximately 15.7% of the total residential sales volume, increasing from 14.3% the year before. This demographic trend exemplifies the changing dynamics of the Texas real estate market, showcasing both its robustness and the allure of high-value properties.

Metro Areas in Focus
As expected, most of the million-dollar homes sold were concentrated within the state's four largest metropolitan areas. The Dallas-Fort Worth-Arlington area led the charge with a remarkable share of 38.7%, totaling 4,992 homes valued at $8.5 billion. Following closely was the Houston-Woodlands-Sugar Land region, which accounted for 26.2% of the sales, while the Austin-Round Rock area captured 19.1%. The San Antonio-New Braunfels market represented the remaining 5.1%, with the rest of Texas contributing 10.9%.

Notably, the Dallas area witnessed a stellar 14% increase in million-dollar home sales. The Houston and San Antonio markets experienced growths of 10% and 4% respectively, while Austin's numbers remained relatively unchanged from the previous year. Overall, a 10% increase was reported across the state, indicating a favorable environment for luxury homes.

Market Insights
Delving deeper into the purchase details, the average price per square foot for homes in this exclusive price range was $418, which is more than double the average price per square foot for all residential homes in Texas, a mere $190. Despite this seemingly lucrative landscape for sellers, it was also noted that million-dollar homes lingered longer on the market, with averages extending from 58 days to 68 days in 2024. Additionally, months of available inventory rose to 8.1 months, suggesting a slightly less competitive atmosphere for luxury home buyers.

Christy Gessler, Chairman of Texas REALTORS®, emphasizes the evolving nature of high-end real estate, stating, "The high end of the Texas real estate market continues to evolve. As prices rise, more homes cross the million-dollar threshold." This points to various factors influencing buyer decisions, where location often plays a pivotal role alongside property size and amenities.

About the Report
The Texas Sales of Million-Dollar Homes Report, formerly known as the Texas Luxury Home Sales Report, is produced through a collaborative effort between Texas REALTORS® and local associations throughout the state, facilitated by data analysis from the Texas Real Estate Research Center at Texas A&M University. This informative report chronicles properties sold at or above the $1 million mark statewide and provides localized data for the metro areas mentioned earlier.

In conclusion, the notable spike in Texas's luxury real estate market indicates not only growing affluence among residents but also showcases the ongoing attractiveness of Texas as a destination for high-value properties. Buyers and sellers can always depend on a Texas REALTOR® for expert guidance adapted to their unique situations.

Moving Forward

The Texas real estate market appears poised for future growth. Stakeholders are encouraged to stay engaged and continue analyzing trends to make informed decisions when navigating this evolving market landscape.