Texas sets record for sales of million-dollar homes
By Steve Brown
Dallas Morning News
This year’s housing boom has also brought a surge in luxury home sales across the Lone Star State.
Real estate agents sold a record $10.3 billion in Texas million-dollar houses in the 12 months ending in November, according to a new report from the Texas Realtors industry association.
That was an almost 24% jump in million-dollar home sales compared with last year, according to the group.
“One reason we’ve seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low,” Marvin Jolly, chairman Texas Realtors, said in a written statement. “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 report is based on data from the Real Estate Center at Texas A&M University, and analyzed single-family home sales of $1 million or more from November 2019 through October of this year for the Austin, Dallas-Fort Worth, Houston and San Antonio metro areas.
Dallas-Fort Worth tied with Houston to lead the state in luxury home buys, with 1,849 million-dollar home sales by real estate agents during the year ending with November totaling $2.9 billion in value, according to the report.
Million-dollar home sales in the Dallas-Fort Worth area were up 3.6% yearover- year. That’s less than the overall 9% rise in house sales in North Texas this year. More than 5,000 properties priced at $1 million or more were listed for sale in the area last month — a 10.3month supply.
The Austin-Round metro area had the biggest annual gain in million-dollar home buys with a 41.4% increase in purchases. The metro area had more than 200 million-dollar home purchases each month from July through October, according to the report.
In the San Antonio area, million-dollar home purchases were up 26.5% from last year.
Statewide there are 6,347 million-dollar home sales during the 12 months surveyed, according to the Texas Realtors.
Because of longer sales times for high-end homes, there’s a much larger inventory of million-dollar houses statewide. And with home prices rising sharply during the last few years, many more Texas properties are counted as million-dollar homes.
“Buyers in the market for homes priced at $1 million and above will continue to have a good selection in most areas of Texas,” Jolly said.