Texas luxury home sales growth continued last yearTexas luxury home sales growth continued last yearhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=118792016-01-26T06:00:00Z2016-01-26T17:00:00Z

​​​​AUSTIN – Luxury home sales continued to be one of the fastest growing housing segments in Texas’ largest metros last year, according to the 2016 Texas Luxury Home Sales Report released yesterday by the Texas Association of Realtors.

The report cited sales volume increases from 4.5 percent to 36.4 percent for homes sold at $1 million or more in the four major Texas markets.

“Rising land and development costs are changing what today’s luxury market looks like, and many developers are now entering the high-end custom homebuilding market due to more expensive lot costs," said Real Estate Center Chief Economist Dr. Jim Gaines. "Rising home prices across the state are also pushing more higher-end homes into the luxury market. Many homes priced in the $800,000 to $900,000 range a few years ago will now sell for more than a million.”

The following describes trends in specific markets of Texas real estate:

The Houston market had the highest number of luxury home sales at 1,284 from January to October 2015, an increase of 4.5 percent compared with the same period in 2014. These sales represented almost 2 percent of overall home sales in this market.

Sales of $1 million-plus homes in Austin represented more than 2 percent of the overall housing market and had a 16.3 percent increase in sales volume year-over-year. The median price for Austin homes in the luxury price class was $1,381,252, and the average amount of time it took to sell a luxury home was almost two months longer than the typical home.

In Dallas-Fort Worth, luxury sales grew 12.4 percent , rising to 1,088 homes sales from January to October 2015. The median price for luxury homes in Dallas reached $1.4 million. Luxury homes in Dallas took 37 more days to sell than a typical home.

In San Antonio, sales of $1 million-plus homes increased 36.4 percent over the same period in 2014. Although luxury homes accounted for less than 1 percent of the market, active listings increased 33 percent and median price was nearly $1.3 million, the lowest compared with Austin, Houston and Dallas.

Texas Association of REALTORS
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