Million-Dollar+ Home Sales in Texas Increased by 10% in 2024
Sales Worth $21.4B Were the Second Highest Ever Recorded
AUSTIN, Texas, Jan. 9, 2025 /PRNewswire/ -- The number of Texas homes that sold for $1 million or more from November 2023 to October 2024 was the second highest on record, according to the 2024 Texas Sales of Million-Dollar Homes Report released today by Texas REALTORS®. Collectively worth $21.4 billion, the 12,888 homes represent a 10% increase over the previous year in number of homes sold.
Only 4% of all homes sold in Texas were million-dollar homes, but those properties made up 15.7% of all residential sales dollar volume in the state, which was an increase from 14.3% the previous year.
"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."
Nearly 90% of the million-dollar homes sold in Texas last year were in one of the four largest metro areas. At 38.7%, the Dallas-Fort Worth-Arlington area led by a large margin, with 4,992 homes worth a combined $8.5 billion. The Houston-Woodlands-Sugar Land area was second, at 26.2%. Austin-Round Rock had the third-highest percentage of Texas $1 million+ sales with 19.1%, followed by San Antonio-New Braunfels, at 5.1%. The rest of Texas combined for 10.9%.
Three of the four largest metros saw significant increases in million-dollar home sales. The Dallas MSA had the largest increase at 14%. The Houston and San Antonio MSAs followed with 10% and 4%, respectively. In the Austin MSA, sales were about the same as in the previous year. Sales of million-dollar homes were up 10% overall in Texas.
The average price per square foot of $1 million+ homes ($418) was more than double the average price per square foot of all Texas homes ($190).
Million-dollar 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. Homes in this price range also increased in months of inventory, which estimates how long it would take to sell all homes currently for sale at the current pace of sales, from 7.6 months during the previous period to 8.1 months for 2024.
"Homes in the $1 million+ category include an increasingly wide range of properties, each with its own special considerations," Gessler said. "Buyers and sellers can always count on a Texas REALTOR® to provide expert guidance for their individual situations."
About the Texas Sales of Million-Dollar Homes Report
The Texas Sales of Million-Dollar Homes 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 2023 through October 2024 statewide and includes local data for the Austin, Dallas-Fort Worth, Houston, and San Antonio MSAs.
CONTACT: David Gibbs, [email protected]
SOURCE Texas Realtors
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