Dallas-Fort Worth cashes in with the most million-dollar home sales in Texas
Dallas-Fort Worth sees more million-dollar home sales than anywhere else in Texas, according to a new report from Texas Realtors.
The number of luxury homes — those priced at $1 million or higher — sold in the Dallas-Fort Worth metro area increased 0.8 percent in the past year, to 1,785 homes sold. Despite the small growth, it's the highest number of sales among the metros studied in the report, which looked at Texas data from November 2018 through October 2019.
Those homes accounted for $2.9 billion in sales and 8.8 percent of all home sales in the DFW metro.
As a whole, Texas saw a 4.4 percent increase in luxury home sales during the timeframe studied. A total of 5,149 homes sold for $1 million or more, resulting in $8.3 billion in sales, up 5.1 percent from the previous year.
Elsewhere in the state, luxury home sales in Austin increased 14 percent year-over-year — the highest increase in Texas — to 1,085 homes sold. They accounted for $1.7 billion in sales.
San Antonio's luxury market saw a 10.8 percent increase in sales, but it remains relatively small. Only 211 homes were sold, totaling $319 million.
Houston-The Woodlands-Sugar Land experienced a 3.3 percent increase. In total, 1,715 homes were sold to the tune of $2.8 billion.
The median price for a luxury home in the Lone Star State registers at $1,375,000, according to the report. Astoundingly, the average price per square foot for a luxury home is $384 — more than triple the norm for Texas.