Wednesday, February 8, 2023

Home sales over a million dollars in Texas rose 17% last year

Texas Realtors released the “Texas Millionaire Home Sales 2022 Report,” noting the number of homes that sold for $1 million or more in the state between November 2021 and October 2022. 17% increase over last yearR.

annual report shown 13,998 Total Sales with a Combined Dollar Volume of $22.6 Billion14% increase in dollar volume over last year.

“The profile of homes selling for a million dollars or more has changed in recent years with the high demand for real estate in Texas,” said Marcus Phipps, president of Texas Realtors.

“in some areas, A million dollars can buy a large home with multiple bedrooms and bathrooms and many luxury amenitiesBut in others, the value of the location itself is high enough to propel more modest homes above the million-dollar mark,” Phipps said.

According to reports, the amount of Real estate that sold for at least $1 million accounted for 3.6% of all homes sold in Texas, an increase of 0.8% over the previous year. The total dollar amount represented 14.2% of all dollar volumes of statewide residential sales.

The report notes that The median price of Texas homes that sold for $1 million or more during the first 10 months of 2022 was $1,336,500, down 0.5% from last yearWhile the median price per square foot for homes selling for at least $1 million rose 3% to $423, more than double the median price per square foot of $192 for all Texas residential homes.

From January to October 2022, These types of properties spent an average of 47 days on the marketWhich is a decrease of three days from the same period in 2021. On average, million-dollar homes spend longer on the market than homes with lower prices.

“Like all real estate transactions, There are many factors that sellers and buyers must considerThere is no one strategy that fits all. A real estate agent can help you sort through the data and trends to help you understand the local conditions for these luxury properties,” commented Phipps.

The 2022 edition of the Texas Million Dollar Home Sales Report analyzes home sales of $1 million and more across the state from November 2021 through October 2022 and includes the MSAs of Austin, Dallas-Fort Worth, Houston and San Antonio Contains local data for .

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