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Luxury home smallest but fastest-growing Texas housing segmentLuxury home smallest but fastest-growing Texas housing segmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=186422017-12-15T06:00:00Z2017-12-15T16:00:00Z

​AUSTIN ​​– Texas luxury home sales were up 19.1 percent this year, according to the 2017 Texas Luxury Home Sales Report from the Texas Association of Realtors (TAR). 

Luxury homes—those sold for $1 million or more—are the fastest-growing Texas housing segment. Vicki Fullerton, chairman of TAR, attributes this to rising home prices, high-end remodeling activity, and relocation activity from out-of-state residents.

From October 2016 to November 2017, Texas luxury home sales jumped to 4,622 sales. The sales dollar volume was over $7.5 million, a 19.9 percent increase over the prior year.

The median price so far this year remained unchanged year over year at $1.35 million. The average price per square foot for luxury homes was $349, a 1.9 percent increase from the first ten months of 2016. That's more than double the $122 average price per sf for the median Texas home.

From January to October 2017, luxury homes in Texas spent an average of 98 days on the market, an increase of three days from the same time frame in 2016.

Texas Association of REALTORS
Texas
Housing
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