Luxury Real Estate in Texas: A Growing Market
The Texas real estate market has seen a significant increase in luxury home sales, with a 10% rise in the number of homes sold for $1 million or more, according to a new report from Texas Realtors. The report reveals that the state’s luxury real estate market accounted for $21.4 billion in economic activity from November 2023 to October 2024, with a total of 12,888 homes sold for at least $1 million.
Luxury Real Estate Performance in Houston
The report highlights that the Houston-The Woodlands-Sugar Land metropolitan statistical area has the second-highest share (26.2%) of luxury homes, with a total of 3,371 homes sold for $1 million or more, representing 16% of all residential sales dollar volume in the metro. The median size of a million-dollar home sold in Houston last October was 4,406 square feet, while the median size of all residential homes sold for the month was less than half that size – only 2,093 square feet.
Luxury Real Estate in Other Texas Metros
The report also found that Dallas-Fort Worth has the highest share of million-dollar home sales in Texas, with 38.7% of all sales, followed by Austin-Round Rock with 19.1%. In Dallas-Fort Worth, 4,992 luxury homes were sold from October 2023 to November 2024, raking in $8.5 billion in total sales dollar volume, while in Austin, 2,461 luxury homes were sold, bringing in $4.1 billion.
Average Price-Per-Square Foot and Median Home Size
The report provides a comparison of the average price-per-square foot and median home size across different Texas metros. In Houston, the average price-per-square foot for a million-dollar home in October 2024 was $389, while in Dallas-Fort Worth, it was $394. In Austin, it was $510 per square foot. The median size of a luxury home in Dallas-Fort Worth was 4,212 square feet, while in Austin, it was 3,440 square feet.
Conclusion
The report highlights the growing demand for luxury real estate in Texas, with more homes crossing the $1 million threshold. The high-end market continues to evolve, with factors such as location, size, and amenities playing a significant role. As the market continues to grow, it is essential for buyers and sellers to stay informed about the latest trends and statistics.
FAQs
Q: What is the current state of the luxury real estate market in Texas?
A: The luxury real estate market in Texas has seen a 10% increase in the number of homes sold for $1 million or more, with a total of 12,888 homes sold for at least $1 million.
Q: Which Texas metro has the highest share of million-dollar home sales?
A: Dallas-Fort Worth has the highest share of million-dollar home sales in Texas, with 38.7% of all sales.
Q: What is the average price-per-square foot for a million-dollar home in Houston?
A: The average price-per-square foot for a million-dollar home in Houston is $389.
Q: What is the median size of a luxury home in Dallas-Fort Worth?
A: The median size of a luxury home in Dallas-Fort Worth is 4,212 square feet.
Q: What is the median size of a luxury home in Austin?
A: The median size of a luxury home in Austin is 3,440 square feet.
