Million-dollar Listing

Houston market cashes in with jump in million-dollar home sales this year

Houston market cashes in with jump in million-dollar home sales

5322 Institute Lane Eppes House Houston
Luxury home sales are on the rise. Photo by TK Images

Million-dollar home sales are on the rise across Houston, according to a new report from Texas Realtors.

The number of luxury homes — those priced at $1 million or higher — sold in the Houston metro area increased 3.3 percent in the past year, to 1,715 homes sold. It's the second highest number of sales among the metros studied in the report, which looked at Texas data from November 2018 through October 2019.

Those homes accounted for $2.8 billion in sales and 10.5 percent of all home sales in the Houston area. 

As a whole, Texas saw a 4.4 percent increase in luxury home sales during the timeframe studied. A total of 5,149 homes sold for $1 million or more, resulting in $8.3 billion in sales, up 5.1 percent from the previous year. 

Elsewhere in the state, luxury home sales in Austin increased 14 percent year-over-year — the highest increase in Texas — to 1,085 homes sold. They accounted for $1.7 billion in sales.

San Antonio's luxury market saw a 10.8 percent increase in sales, but it remains relatively small. Only 211 homes were sold, totaling $319 million.

Dallas-Fort Worth experienced a slight 0.8 percent increase, but it still garnered the highest number of luxury home sales in the state. In total, 1,785 homes were sold in DFW to the tune of $2.9 billion.

The median price for a luxury home in the Lone Star State registers at $1,375,000, according to the report. Astoundingly, the average price per square foot for a luxury home is $384 — more than triple the norm for Texas.