The number of Texas homes that sold for $1 million or higher from November 2020 to October 2021 increased 89.6% compared to the previous reporting period to 11,980 sales, according to the 2021 Texas Luxury Home Sales Report.
The annual report examining housing statistics for homes that sold for $1 million or higher across the state showed total sales dollar volume reached $19.9 billion, a 93.3% increase from the previous year.
While the number of luxury home sales accounted for less than 3% of all homes sold in Texas, the dollar amount represented 13% of all residential sales dollar volume across the state.
The median price for Texas luxury homes during the first 10 months of 2021 was $1,360,133, which is 0.1% more than the previous year. The average price per square foot for luxury homes increased 9.5% to $395, more than double the $166 average price per square foot for all residential Texas homes.
From January to October 2021, luxury homes in Texas spent an average of 55 days on the market, a decrease of 31 days from the same time frame in 2020. On average, luxury homes spend more time on the market than lower-priced homes.