Weekly Real Estate News
The luxury residential real estate market in Texas has recorded vibrant growth between November 2023 and October 2024, according to the 2024 Texas Sales of Million-Dollar Homes Report published by Texas Realtors.
Collectively worth $21.4 billion, the 12,888 homes selling for $1 million and higher represented a 10% increase over the same period one year earlier and the second highest on record.
However, it took longer than usual to achieve these results – Texas’ luxury homes stayed on the market longer in 2024, rising to an average of 68 days from an average of 58 days during the previous year.
While only 4% of all homes sold in Texas were million-dollar homes, those properties accounted for 15.7% of all residential sales dollar volume in the state, which was an increase from 14.3% the previous year. Nearly 90% of the million-dollar homes sold in Texas last year were in one of the four largest metro areas – the Dallas-Fort Worth-Arlington area (38.7%), the Houston-Woodlands-Sugar Land area (26.2%), the Austin-Round Rock area (19.1%) and the San Antonio-New Braunfels market (5.1%). The rest of Texas combined for 10.9%.
“The high end of the Texas real estate market continues to evolve,” said Christy Gessler, chairman of Texas Realtors. “As prices rise, more homes cross the million-dollar threshold. Some are highly valued for their size or amenities, but with many, the key factor is location.”
