According to a new report from Texas Realtors, million-dollar-plus home sales surged in the Lone Star State last year.
Between November 2023 and October 2024, the number of homes in Texas that sold for $1 million or higher jumped 10% compared to the prior year. Throughout the state, 12,888 sales were completed, representing $21.4 billion.
Texas Realtors say the activity in this price range is the second highest on record, only behind the period between November 2021 and October 2022, when just under 14,000 sales went through, totaling $22.6 billion.
Homes that sold for $1 million and up represented 4% of total sales in the state, or 0.4 percentage points higher from the prior year’s 3.6%. Total dollar volume from these transactions accounted for 15.7% of all residential sales volume in Texas, up from 14.3% the year before.
On average, $1 million-plus homes sold for $418 per square foot, up from $409 the previous year. This represents over double the average Texas home cost of $190 per square foot.
Almost 90% of the luxury home sales occurred in the state’s largest four metro areas, Dallas-Fort Worth-Arlington, Austin-Round Rock, Houston-The Woodlands-Sugar Land, and San Antonio-New Braunfels.
Zooming in on Dallas-Fort Worth-Arlington, 4,992 homes sold for at least $1 million, far more than any other metropolitan area in Texas and 14% higher than a year before. The next closest was Houston-TheWoordlands-Sugar Land, with 3,371 sales.
All in, Dallas-Fort Worth-Arlington generated $8.5 billion in total sales in the category, with nearly 20% of all residential sales dollar volume in the metroplex generated from $1 million-plus home sales.
Despite a sometimes challenging market, luxury homes have faired well. In particular, the ultrahigh-end market in North Texas continues to grow with listings like the recently profiled property from Crescent Estates Custom Homes in Dallas.
As previously reported in The Dallas Express, demand for higher-end houses has been aided, in part, by thriving job markets in places like East Dallas.