Luxury home sales in Texas were a strong driver of the Texas housing market during the first 10 months of 2018, according to the 2018 Texas Luxury Home Sales Report released today by Texas REALTORS®. The report examines housing market trends and statistics for homes priced $1 million or higher in the Austin, Dallas-Fort Worth, Houston and San Antonio metropolitan statistical areas (MSAs).
Kaki Lybbert, chairman of Texas REALTORS®, commented, “Similar to other price ranges of the Texas housing market, luxury home sales are being driven by a thriving economy and an influx of out-of-state buyers moving to Texas.”
From October 2017 to November 2018, Texas luxury home sales increased 11.5 percent to 5,123 sales. During the same time frame, the sales dollar volume of Texas homes sold for $1 million and higher was $8,361,918,994, an 11.3 percent increase from the previous year. Luxury homes in Texas accounted for 8.5 percent of all sales dollar volume.
Despite the surge in sales volume, the median price for Texas luxury homes in the first 10 months of 2018 remained unchanged at $1,350,000. The average price per square foot for luxury homes was $358, a 2.5 percent increase from the first 10 months of 2017 and more than double the $128 average price per square foot for the median Texas home.
From January to October 2018, luxury homes in Texas spent an average of 94 days on the market, a decrease of four days from the same time frame in 2017. Luxury homes spend more time on the market on average compared to lower-priced segments of the housing market.
“Statewide, we’re seeing more homes priced in the $1 million-dollar-plus price class,” said Lybbert. “Many homes in the metropolitan areas of Texas reached that level due to increased land values. In all price ranges, Texas REALTORS® continue to be a strong source of information for home buying and selling.”