Double digit increases in both Texas luxury home sales and home sales volume made this segment of homes “a strong driver of the Texas housing market” during the first 10 months of 2018, according to a release from the Texas Association of REALTORS® based on information in the 2018 Texas Luxury Home Sales Report.
Homes priced $1 million and higher that sold in the Austin, Dallas-Fort Worth, Houston, and San Antonio metropolitan statistical areas increased 11.5 percent to a total of 5,123 sales from October 2017 to November 2018, and total sales dollar volume experienced a double digit increase of 11.3 percent, reaching $8,361,918,994.
In Austin, luxury home sales volume increased 12.6 percent to a total of 968 sales from November 2017 to October 2018. For the first 10 months of 2018, the average price per square foot of a luxury home in Austin was $431, compared to $184 for all Austin homes. Austin luxury homes spent an average of 97 days on the market in the first 10 months of 2018. From November 2017 to October 2017, Austin luxury home sales topped $1.5 billion and made up 11.9 percent of the overall sales dollar volume.
“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,” said TAR Chairman Kaki Lybbert. “Statewide, we’re seeing more homes priced in the $1 million-dollar-plus price class,” said Lybbert. She attributed the rise in part to increased land values in metropolitan areas.
The median price for a Texas luxury home remained unchanged compared to this time period of 2017, at $1,350,000. Average price per square foot for a Texas luxury home increased 2.5 percent compared to this time period in 2017, to $358. This is more than double the average price per square foot of the median Texas home, which is $128 per square foot. Texas luxury homes averaged 94 days on the market, down four days from this time frame last year, and accounted for 8.5 percent of all sales dollar volume.