We do it big in Texas, from boots to burritos and also to luxury homes. And the Dallas-Fort Worth market is tops in luxury home sales in the state this year.
That’s according to the latest survey from the Texas Realtors Association.
Texas homes that sold for $1 million or higher from November 2018 to October 2019 increased 4.4% to 5,149 sales, according to the 2019 Texas Luxury Home Sales Report released today by Texas Realtors. The annual report examining housing statistics for luxury homes in the Austin, Dallas-Fort Worth, Houston and San Antonio metropolitan areas also showed that total sales of million-dollar and higher homes reached $8.3 billion, a 5.1% increase from the previous year.
In the Dallas-Fort Worth-Arlington MSA, there were 1,785 luxury homes sold from November 2019 to October 2019. Sales volume in the DFW luxury market was up, 0.8% over the previous year.
“The Texas luxury home market continues to see healthy growth,” said Cindi Bulla, 2020 chairman of Texas Realtors. “In addition to longtime residents enjoying the fruits of the Texas economy, many luxury home buyers are high net worth individuals relocating from high cost states like California, while still others are from outside the U.S. Most find they can buy dramatically more house for the same investment compared to their previous location. Add to that a business-friendly environment, no income taxes, and the finest, most friendly people in the world, and it isn’t any wonder Texas’ luxury homes have global appeal and a strong market outlook.”
From October 2018 to November 2019, luxury homes in Texas accounted for 8.2% of all sales dollar volume.
The median price for Texas luxury homes in the first 10 months of 2019 was $1,375,000, 2% higher than the previous year. The average price per square foot for luxury homes was $364, a 7.4% increase from the first 10 months of 2018 and more than triple the $120 average price per square foot for all residential Texas homes.
From January to October 2019, luxury homes in Texas spent an average of 87 days on the market, a decrease of eight days from the same time frame in 2018. On average, luxury homes spend more time on the market than lower-priced homes.
“The market for luxury homes is considerably different than homes at lower price points,” Bulla said. “Buyers and sellers can make mistakes when determining market value, as even a single amenity can drastically change a luxury property’s value. By working with a Texas Realtor who has experience in these types of properties, both buyers and sellers can ensure that they’re making a sound decision.”