The number of Texas homes that sold for $1 million or higher from November 2021 to October 2022 increased 17% compared to the previous year, according to the 2022 Sales of Million-Dollar Homes in Texas Report released today by Texas Realtors. The annual report showed 13,998 total sales with a combined dollar volume of $22.6 billion, a 14% increase in dollar volume from the previous year.
“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.”
The number of homes that sold for at least $1 million accounted for 3.6% of all homes sold in Texas, an increase of 0.8% from last year. The total dollar amount represented 14.2% of all residential sales dollar volume across the state.
The median price for Texas homes sold for $1 million or higher during the first 10 months of 2022 was $1,336,500, which is 0.5% less than the previous year. The average price per square foot for homes that sold for at least $1 million increased 3% to $423, more than double the $192 average price per square foot for all residential Texas homes.
From January to October 2022, these homes spent an average of 47 days on the market, a decrease of three days from the same time frame in 2021. On average, million-dollar homes spend more time on the market than lower-priced homes.
Phipps concluded, “Like all real estate transactions, there are many factors that sellers and buyers should consider—there’s no one-size-fits-all strategy. A Realtor can help sort through the data and trends to help you understand the local conditions for these high-end properties.”
The 2022 edition of the Sales of Million-Dollar Homes in Texas Report, previously known as the Texas Luxury Home Sales Report, is provided by the Data Relevance Project, a partnership among Texas REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Texas Real Estate Research Center at Texas A&M University. The report analyzes home sales priced $1 million and higher from November 2021 through October 2022 statewide and includes local data for the Austin, Dallas-Fort Worth, Houston and San Antonio MSAs.
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.