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Texas Luxury Home Sales Down in 2023

published on March 25, 2024

The number of Texas luxury homes – homes that sold for $1 million or higher – decreased 16 percent from November 2022 to October 2023 compared to the prior year, according to the Texas Association of Realtors®. At about $19.5 billion in total luxury home sales, this is similar to the period from November 2020 to October 2021.

Luxury homes were 3.6 percent of total home sales, the same as the period the prior year. This price range of homes equaled 14.3 percent of all home sales volume.

Price per square foot also dipped, from $423 last year to $409 this year. This is still more than double the average price per square foot of all Texas homes, $189.

Nearly all $1 million+ home sales this year – 90 percent – were in Texas’ largest metro areas. The Dallas-Fort Worth-Arlington MSA had 4,390 homes sold at $1 million or more. The Houston-The Woodlands-Sugar Land MSA had 3,069, the Austin-Round Rock MSA had 2,456, and the San Antonio-New Braunfels MSA had 633 homes sold. In other parts of Texas, 1,232 homes sold at $1 million or more.

Average days on the market for this segment of the market increased from 47 days last year to 58 days this year. Months of inventory shifted balance to buyers, with inventory shifting from 4.7 months in October 2022 to 7.6 months in October 2023.

The Austin area had a 35 percent decrease in the number of million-dollar homes sold compared to the prior year, yet almost a quarter (23 percent) of homes in this region were in this category.

 

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