Texas homes that sold for $1 million or higher from November 2019 to October 2020 increased 23.5% to 6,347 sales, according to the 2020 Texas Luxury Home Sales Report released Dec. 17 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 total sales of million-dollar and higher homes reached $10.3 billion, a 23.8% increase from the previous year. That total accounted for 8.8% of all sales dollar volume.
In the Dallas-Fort Worth-Arlington metropolitan area, sales of million-dollar and higher homes sales were up 3.6% over the previous year. There were 1,849 million-dollar plus homes sold in the DFWA area in 2020 for a total value of $2.9 billion. The study measures sales from November 2019 to October 2020.
Marvin Jolly, 2021 chairman of Texas Realtors, commented, “One reason we’ve seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low. Buyers of high-end properties are finding they can buy more for their money, particularly when compared to many real estate markets in New York, California and other pricier areas.”
The median price for luxury homes in Texas for the first 10 months of 2020 was $1,360,000, 0.7% less than the previous year. The average price per square foot for luxury homes increased 3.5% to $361, which is substantially more than the $139 average price per square foot for all residential Texas homes.
From January to October 2020, luxury homes in Texas spent an average of 86 days on the market, a decrease of one day from the same time frame in 2019. On average, luxury homes spend more time on the market than lower-priced homes.
Jolly concluded, “Buyers in the market for homes priced at $1 million and above will continue to have a good selection in most areas of Texas. The features of luxury homes vary considerably from one property to another, though—from luxury condominiums and waterfront properties to homes with large acreage and guest quarters. Realtors have seen every type of home and can help homebuyers and sellers weigh all their options to make the best real estate decisions for them.”
The 2020 edition of the Texas Luxury Home Sales Report is provided by the Data Relevance Project, a partnership among Texas REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Real Estate Center at Texas A&M University. The report analyzes home sales priced $1 million and higher from November 2019 through October 2020 for the Austin, Dallas-Fort Worth, Houston and San Antonio MSAs.