A brand new 2024 report from Texas Realtors has revealed the variety of properties that offered within the state for $1 million or extra elevated 10 % from final yr to succeed in its second-highest peak ever recorded.
In accordance with the report’s findings – which calculated gross sales knowledge from November 2023 to October 2024 – Texas’ luxurious actual property market accounted for $21.4 billion in financial exercise. The interval from November 2021 to October 2022 nonetheless holds the present statewide report, which is $22.6 billion.
A complete 12,888 properties offered for not less than $1 million throughout this time, which represented practically 16 % of all Texas residential dwelling gross sales.
Might 2024 was the busiest month for Texas’ luxurious dwelling gross sales. Practically 1,580 properties have been offered that month for $1 million or extra. In the meantime, January was the slowest month with solely 610 million-dollar properties offered.
“The excessive finish of the Texas actual property market continues to evolve,” mentioned Christy Gessler, Chairman of Texas Realtors, in a press launch. “As costs rise, extra properties cross the million-dollar threshold. Some are extremely valued for his or her measurement or facilities, however with many, the important thing issue is location.”
Luxurious actual property efficiency in Houston
The report additional revealed that the second-highest share (26.2 %) of Texas luxurious properties have been positioned within the Houston-The Woodlands-Sugar Land metropolitan statistical space, amounting to almost $5.7 billion.
A complete 3,371 luxurious properties have been offered within the Houston space from November 2023 to October 2024; 10 % greater than the earlier yr. These million-dollar actual property purchases accounted for 16 % of all residential gross sales greenback quantity within the metro.
The median measurement of a million-dollar dwelling that offered in Houston final October got here out to 4,406 sq. ft, whereas the median measurement of all residential properties offered for the month was lower than half that measurement – solely 2,093 sq. ft.
In an identical vein, the typical price-per-square-foot for a luxurious dwelling offered in Houston in October got here out to $389, whereas the price-per-square-foot for all residential properties offered within the space was solely $180.
Houston’s share of high-end properties could be positioned in numerous prosperous areas, from a large Memorial mansion to a French-inspired Hunters Creek Village property, or perhaps a renovated Tudor dwelling in West U.
Beforehand, Houston ranked because the No. 18 U.S. metropolis with the most million-dollar properties available on the market.
Luxurious actual property in different Texas metros
Houston got here in second to Dallas-Fort Value, which constituted 38.7 % of all million-dollar dwelling gross sales in Texas. Austin-Spherical Rock had the third-highest share (19.1 %) of statewide luxurious actual property gross sales.
In Dallas-Fort Value, 4,992 luxurious properties have been offered from October 2023 to November 2024, raking in $8.5 billion in complete gross sales greenback quantity. In the meantime, 2,461 luxurious properties have been offered within the Austin space to usher in $4.1 billion, the report mentioned.
Here is how the typical price-per-square foot and median dwelling measurement in contrast throughout these two Texas metros in October 2024:
- $394 – common worth per sq. foot for a million-dollar dwelling in Dallas-Fort Value
- $510 – common worth per sq. foot for a million-dollar dwelling in Austin
- 4,212 sq. ft – median measurement of a luxurious dwelling in Dallas-Fort Value
- 3,440 sq. ft – median measurement of a luxurious dwelling in Austin
Moreover, 5.1 % of all million-dollar properties offered statewide have been positioned in San Antonio-New Braunfels. Which means 656 luxurious properties have been offered on this metro, which introduced in $957 million. In a one-month evaluation for October 2024, the median measurement of a million-dollar dwelling offered within the Alamo Metropolis got here out to 4,118 sq. ft, which offered for a mean worth of $357 per sq. foot.
Elsewhere in Texas, slightly below 11 % of the state’s luxurious dwelling gross sales have been positioned exterior the 4 greatest metros, or 1,408 properties.
