real estate worth millions

Houston's luxury real estate market brought in $5.7 billion in 2024

3217 Del Monte Drive, Houston home for sale

There's no shortage of luxury homes in Houston.

Photo courtesy of HAR.com

A new 2024 report from Texas Realtors has revealed the number of homes that sold in the state for $1 million or more increased 10 percent from last year to reach its second-highest peak ever recorded.

According to the report's findings – which calculated sales data from November 2023 to October 2024 – Texas' luxury real estate market accounted for $21.4 billion in economic activity. The period from November 2021 to October 2022 still holds the current statewide record, which is $22.6 billion.

A total 12,888 homes sold for at least $1 million during this time, which represented nearly 16 percent of all Texas residential home sales.

May 2024 was the busiest month for Texas' luxury home sales. Nearly 1,580 homes were sold that month for $1 million or more. Meanwhile, January was the slowest month with only 610 million-dollar homes sold.

"The high end of the Texas real estate market continues to evolve," said Christy Gessler, Chairman of Texas Realtors, in a press release. "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."

Luxury real estate performance in Houston
The report further revealed that the second-highest share (26.2 percent) of Texas luxury homes were located in the Houston-The Woodlands-Sugar Land metropolitan statistical area, amounting to nearly $5.7 billion.

A total 3,371 luxury homes were sold in the Houston area from November 2023 to October 2024; 10 percent more than the previous year. These million-dollar real estate purchases accounted for 16 percent of all residential sales dollar volume in the metro.

The median size of a million-dollar home that sold in Houston last October came out to 4,406 square feet, whereas the median size of all residential homes sold for the month was less than half that size – only 2,093 square feet.

In a similar vein, the average price-per-square-foot for a luxury home sold in Houston in October came out to $389, whereas the price-per-square-foot for all residential homes sold in the area was only $180.

Houston's share of high-end homes can be located in various affluent areas, from a massive Memorial mansion to a French-inspired Hunters Creek Village estate, or even a renovated Tudor home in West U.

Previously, Houston ranked as the No. 18 U.S. city with the most million-dollar homes on the market.

Luxury real estate in other Texas metros
Houston came in second to Dallas-Fort Worth, which constituted 38.7 percent of all million-dollar home sales in Texas. Austin-Round Rock had the third-highest share (19.1 percent) of statewide luxury real estate sales.

In Dallas-Fort Worth, 4,992 luxury homes were sold from October 2023 to November 2024, raking in $8.5 billion in total sales dollar volume. Meanwhile, 2,461 luxury homes were sold in the Austin area to bring in $4.1 billion, the report said.

Here's how the average price-per-square foot and median home size compared across these two Texas metros in October 2024:

$394 – average price per square foot for a million-dollar home in Dallas-Fort Worth
$510 – average price per square foot for a million-dollar home in Austin
4,212 square feet – median size of a luxury home in Dallas-Fort Worth
3,440 square feet – median size of a luxury home in Austin

Additionally, 5.1 percent of all million-dollar homes sold statewide were located in San Antonio-New Braunfels. That means 656 luxury homes were sold in this metro, which brought in $957 million. In a one-month analysis for October 2024, the median size of a million-dollar home sold in the Alamo City came out to 4,118 square feet, which sold for an average price of $357 per square foot.

Elsewhere in Texas, just under 11 percent of the state's luxury home sales were located outside the four biggest metros, or 1,408 homes.

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HAUTE PROPERTIES

675-acre Hill Country ranch where George Strait rehearsed lists for $19.5M

Photo by Michelle Watson CultureMapSnap

George Strait developed his early sound at Lone Woman Ranch.

Lone Woman Ranch, the Hill Country estate where country stars like George Strait, George Jones, and Ace in the Hole Band rehearsed, is up for sale for $19.5 million.

Located 65 miles from San Antonio in Hays County on 675 acres, the secluded ranch once served as an artistic getaway for emerging Texas artists. The property, listed by Olmos Park firm Republic Ranches. is named after the nearby Lone Woman Mountain, and its elevation gives an incredible view of the county. On a clear day, you can see downtown Austin.

The land comes with two residences, both built near the entrance gate. The primary stone house has original hardwood floors, a recently remodeled kitchen and bathrooms, as well as a new HVAC system. The secondary residence was used as a rehearsal space. Both have had long-term residents who made improvements, and both have their own septic systems, wells, and electric meters.

The real appeal of Lone Woman Ranch, however, is the extensive woods, creeks, and natural setting. It is next to 6,000 acres of conservation land, including Storm Ranch. The entire mountain is also included in the property, making it a veritable mini-kingdom for the owner with unobstructed privacy on three sides.

Two ponds are on the site — a 4-acre and a 1-acre — both fully stocked. Runoff from the larger pond creates picturesque seasonal limestone waterfalls.The surrounding woods are full of wildlife, including white-tailed deer, turkeys, doves, and more. The property is under wildlife exemption.

It's little wonder the ranch was a muse to so many country musicians. A network of ranch roads provides access throughout the property, including most of the way up Lone Woman, giving views around every corner. Only Strait can tell you whether his 1996 hit "King of the Mountain" was inspired by the ranch.

Photo by Michelle Watson CultureMapSnap

George Strait developed his early sound at Lone Woman Ranch.

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