A report released by Texas Realtors has revealed its analysis in relation to the increase in luxury home sales in Texas. The report analyzes sales of homes priced at or above $1 million between November 2020 and October 2021.
This report reveals that the number of luxury homes that sold for $1 million or more between November 2020 and October 2021 increased by 89.6%. This 2021 report states that Texas reached 11,980 sales on luxury home sales, with a total volume of $19.9 billion.
“Rising home prices in Texas have led to a sharp increase in the number of homes sold in the million-dollar and above range,” said Marvin Jolly, president of Texas Realtors.
“The increase in prices has changed the profile of homes that were historically listed in this category. We are seeing more neighborhoods where homes are selling for over $1 million. In many cases, homes that would have sold for less than $1 million last year are exceeding that mark this year,” adds Jolly.
Through the first 10 months, the median price of luxury homes in Texas in 2021 was $1,360,133, up 0.1 percent from the previous year. The average price per square foot for luxury homes increased 9.5 percent to $395, which was previously $166 for luxury real estate in Texas.
The report also tells us that from January to October 2021, luxury homes in Texas went from an average of 55 days on the market to 31 days, compared to the same period in 2020. Proving once again, the popularity of luxury homes in Texas.
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Featured photo : © Sotheby’s International Realty
