Luxury home sales continued to be one of the fastest growing housing segments in Texas’ largest markets in 2015, according to the 2016 Texas Luxury Home Sales Report released by the Texas Association of REALTORS®. The report cited sales volume increases from 4.5 percent to 36.4 percent for homes sold at $1 million or more in Texas’ four major markets. A popular trend for homebuyers in this price class is to purchase homes on smaller lots, but in more desirable locations and with higher-end amenities.
Texas Luxury Home Report Highlights
The Houston market saw the highest amount of luxury home sales at 1,284 from January to October 2015, an increase of 4.5 percent compared to the same period in 2014. These sales represented almost two percent of overall home sales in this market.
Sales of $1M+ homes in Austin represented more than two percent of the overall housing market and saw a 16.3 percent increase in sales volume year-over-year. The median price for Austin homes in the luxury price class was $1,381,252, and the average amount of time it took to sell a luxury home was almost two months longer than the typical home.
In Dallas-Fort Worth, luxury sales grew 12.4 percent, rising to 1,088 homes sales from January to October 2015. The median price for luxury homes in Dallas reached $1,400,000. It took 37 more days for a luxury home in Dallas to sell compared to a typical home.
In San Antonio, $1M+ homes saw a 36.4 percent increase compared to the same time period in 2014. Although luxury homes accounted for less than one percent of the market, active listings increased 33 percent and median price was $1,298,375, the lowest compared to Austin, Houston and Dallas.
Download the full pdf report here.
About the Texas Luxury Home Sales Report
The Texas Luxury Home Sales Report is based on data from The Real Estate Center at Texas A&M University and analyzes sales data of homes priced at $1 million and higher from January through October 2014 for Austin, DallasFort Worth, Houston and San Antonio. The Texas Association of Realtors distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, condominium and townhome sales, international trends, and more. To view these reports, visit TexasRealEstate.com.