Big homes with small price tags might be the sales pitch for coastal denizens considering a move to Texas, but home sales exceeding $1 million are common here.
From November 2021 to October 2022, sales of Texas homes of $1 million or more jumped 17 percent from the same period a year prior, according to a report from Texas Realtors and the Texas Real Estate Research Center at Texas A&M University.
Those 12 months saw 13,998 high-end sales totaling $22.6 billion in Texas, a couple hundred million more than the World Bank’s estimate of the GDP of Gabon. Luxury sales accounted for more than 14 percent of the total dollar volume of all residential sales in the state.
Austin
The Austin-metro area saw a 15 percent increase in the number of million-dollar homes sold from November 2021 to October 2022. Demand in and around the city, where East and West coasters are flocking thanks to a lower cost of living, an emerging tech sector and the Covid-era ability to work from home, has soared.
The average price per square foot of a high-end home in Austin sits at $520 compared to $283 for the market as a whole. Million dollar home sales in the city peaked last May, when 462 homes were sold in one month.
Dallas/Fort Worth
The Dallas-Fort Worth area saw the most big-ticket home sales in Texas with 4,689, representing $7.6 billion in sales. That’s a 23 percent increase over the previous year and represents almost 16 percent of the market.
Homes in this price range averaged $368-per-square-foot in DFW, compared with $207 per foot for all residential sales in the region. They averaged 44 days on the market.
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Source: Texas Realtors and the Texas Real Estate Research Center at Texas A&M University
Houston
With 3,527 homes sold between November 2021 and October 2022, the Houston metro area lagged behind DFW and even the less populated Austin metro market in the number of luxury sales.
The Bayou City saw $5.8 billion in total sales dollar volume in this category, an 8 percent increase year-over-year. That exceeded Austin’s total sales dollar volume by more than $100 million.
The greater Houston area logged its most expensive mansion sale ever in October with a $21 million English-inspired Memorial mansion, an outlier that inevitably boosted the total sales dollar volume.
The luxury resi market in the Houston metro area has been on an upswing since the pandemic. Sales of luxury homes rose by over 76 percent from 2020 to 2021, while the market has shown signs of stabilization with an 8 percent increase year-over-year in 2022.
San Antonio
Million-dollar home sales were significantly lower across San Antonio than the other major metros, but the Alamo City saw a 26 percent increase in the number of million-dollar homes sold compared to the previous year, higher than any other Texas city. Compared with its Texas neighbors like Austin and Dallas, the Alamo City has remained relatively affordable while still being considered a hot market.
In total, San Antonio saw 776 homes sold for a million dollars or more from November 2021 to October 2022, with an average price of $361 per square foot. August was the market’s most lucrative month with 85 million-dollar homes sold.
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