In the official Texas Luxury Home Sales Report, released in January by the Texas Association of Realtors, luxury home sales continued to be one of the fasting growing home sectors for last year. The 2016 Texas Luxury Home Sales Report quoted sales volume increased from 4.5 percent to 36.4 percent for homes sold at $1 million or more in the state’s four major markets -Houston, Dallas-Ft. Worth, Austin, and San Antonio.
In this $1 million or more price class, homebuyers tended to purchase homes on smaller lots, but in higher-end locations with extravagant amenities. Of all four luxury markets, Houston’s market saw the highest amount of luxury home sales for last year. Home sales reached 1,284 from January to October 2015, which was a 4.5% increase compared to the same measurement period in 2014. Houston’s sales represented about 2 percent of the luxury home market sales.
The price per square foot in a “luxury” Houston home is $333 per square foot, which is three times higher than the average home. The median home price for a luxury Houston home was $1,395,000, a slight increase of .4 percent from the previous year. The home sales report also cited that it took an average of 78 days to sell a luxury Houston home, while the average Houston home only took 29 days to sell.
Texas’s other major markets, Dallas-Ft. Worth, Austin and San Antonio, also showed growing numbers in the luxury market.