More Million-Dollar Homes Sold in Texas in 2022
published on January 17, 2023
Over one quarter of Austin homes sold for $1 million or more
The number of Texas homes that sold for $1 million or higher increased 17 percent in a year-over year comparison, based on sales from November 2021 to October 2022. This according to the Texas REALTORS® 2022 Sales of Million-Dollar Homes in Texas Report, which also showed a 14 percent increase in dollar volume.
The annual report was renamed from the Texas Luxury Home Sales Report due to an overall increase in prices across the state and, thus, confusion on what constitutes a “luxury” home.
“The profile of a home sold for a million dollars or higher has changed with the high demand for Texas real estate over the past few years,” said Marcus Phipps, chairman of Texas REALTORS®. “In some areas, one million dollars will buy a large home with lots of bedrooms and bathrooms and many luxury features, but in others, the value of the location itself is high enough to push more-modest homes over the million-dollar mark.”
In Austin, 3,564 homes sold for $1 million or more in this time frame, which was a 15 percent increase. Homes of this price point accounted for 25.7 percent of all Austin residential real estate transactions, compared to 3.6 percent of the total for the state. While Austin residential home sales had an average square footage price of $283, homes that sold in Austin for $1 million or more had an average square footage price of $520.
Looking at the first 10 months of 2022, the median price of Texas homes that sold for $1 million or more was $1,336,500, half a percent less than the previous year. Average price per square foot of these higher-end homes increased three percent to $423, which is more than double the $192 average price per square foot for all Texas homes. Homes that sold for $1 million or more averaged 47 days on the market, three days less than the same time period of 2021.
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