real estate worth millions

Dallas sold the highest number of million-dollar homes in Texas in '24

3315 Gibsondell, Dallas Oak Cliff home for sale

There's no shortage of luxury homes in Dallas.

Photo courtesy of Realtor.com

A new report on the 2024 real estate scene reveals some astonishing high-dollar sales in the Texas market. According to the Texas Realtors' report on Sales of Million Dollar Homes in Texas, the number of homes that sold in the state for $1 million or more increased 10 percent from last year to reach its second-highest peak ever recorded.

According to the findings, which calculated sales data from November 2023 to October 2024, a total 12,888 homes sold for at least $1 million during this time, representing nearly 16 percent of all Texas residential home sales and accounting for $21.4 billion in economic activity.

That's the greatest increase since the period from November 2021 to October 2022, which holds the current statewide record of $22.6 billion.

May 2024 was the busiest month for Texas' luxury home sales. Nearly 1,580 homes were sold that month for $1 million or more. Meanwhile, January was the slowest month with only 610 million-dollar homes sold.

"The high end of the Texas real estate market continues to evolve," said Christy Gessler, Chairman of Texas Realtors, in a press release. "As prices rise, more homes cross the million-dollar threshold. Some are highly valued for their size or amenities, but with many, the key factor is location."

Luxury real estate performance in Dallas
The report further revealed that DFW ruled: The highest share (38.7 percent) of Texas luxury homes were located in the Dallas-Fort Worth-Arlington metropolitan statistical area (MSA), amounting to nearly $8.5 billion.

A total 4,992 luxury homes were sold throughout DFW from November 2023 to October 2024 — 14 percent more than the previous year. These million-dollar real estate purchases accounted for 19 percent of all residential sales dollar volume in the Metroplex.

The median size of a million-dollar home that sold in Dallas last October came out to 4,212 square feet — nearly twice as big as the median size of all residential homes sold for the month, a mere 2,089 square feet.

In a similar vein, the average price-per-square-foot for a luxury home sold in Dallas in October came out to $394, whereas the price-per-square-foot for all residential homes sold in the area was only $212.

Dallas' share of high-end homes can be located in various affluent areas, from a modern Grapevine ranch, to a '50's era Dallas home, or even a historic Oak Cliff estate.

Previously, Dallas ranked as the No. 12 U.S. city with the most million-dollar homes on the market.

Luxury real estate in other Texas metros
Houston-The Woodlands-Sugar Land came in second to Dallas-Fort Worth and contributed 26.2 percent of all million-dollar home sales in Texas. Austin-Round Rock had the third-highest share (19.1 percent) of statewide luxury real estate sales.

In Houston, 3.371 luxury homes were sold from October 2023 to November 2024, raking in $5.7 billion in total sales dollar volume. Meanwhile, 2,461 luxury homes were sold in the Austin area to bring in $4.1 billion, the report said.

Here's how the average price-per-square foot and median home size compared across these two Texas metros in October 2024:

$389 – average price per square foot for a million-dollar home in Houston
$510 – average price per square foot for a million-dollar home in Austin
4,406 square feet – median size of a luxury home in Houston
3,440 square feet – median size of a luxury home in Austin

Additionally, 5.1 percent of all million-dollar homes sold statewide were located in San Antonio-New Braunfels. That means 656 luxury homes were sold in this metro, which brought in $957 million. In a one-month analysis for October 2024, the median size of a million-dollar home sold in the Alamo City came out to 4,118 square feet, which sold for an average price of $357 per square foot.

Elsewhere in Texas, just under 11 percent of the state's luxury home sales were located outside the four biggest metros, or 1,408 homes.

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Tax Hike

Texans saddled with 7th highest property taxes in nation for 2026

Photo by Ronnie George on Unsplash

The Texas property tax burden keeps going up.

Property taxes can be a particularly sore subject for homeowners, and a new study has revealed Texans are saddled with the seventh-highest property taxes in the nation.

WalletHub's annual report, "Property Taxes by State," released February 17, found Texas homeowners will pay a median $4,232 in property taxes in 2026. That's based on the state's median home value of $283,800.

Last year, Texans were on the hook for a $4,111 property tax bill based on a median home value of $260,400. And Texas residents are expected to pay $360 more on their property taxes this year than in 2024, when the figure was $3,872.

To determine which states have the biggest and lowest property tax burdens on residents, WalletHub's experts divided each state's median real estate tax payment by its respective median home price. The report then used the resulting rates to extrapolate the annual real estate tax that would be paid on a house valued at $332,700, which was the median value for a U.S. home as of 2024 (the year where the latest data was available). All 50 states and the District of Columbia were analyzed.

Texas tied with Nebraska as No. 44 in the national ranking of states with the highest property tax burdens for residents right now. Both states have an effective tax rate of 1.49 percent, the data said.

Still, the property tax burden in Texas isn't as punishing as New Jersey (No. 51), whose residents are shelling out almost $9,600 on their property taxes this year based on a median home value of $454,400. On the opposite end, Hawaii is the state with the lowest property taxes, with residents spending about $2,239 based on a median home value of $839,100.

The annual property taxes Texans would pay on a $332,700 home (the 2024 U.S. median home value) added up to $4,961, the report said. For added context, the U.S. Census Bureau found the average American household pays $3,119 annually on property taxes.

Of course, property taxes vary by region, and residents living in Dallas County are familiar with enduring tax hikes. Dallas renters are also affected by rising property taxes despite not owning their homes, WalletHub said.

"While property taxes may seem irrelevant to the 35 percent of households that rent, that assumption misses the mark," the report said. "Whether paid directly or indirectly, nearly everyone bears the cost of property taxes, as they influence rental prices and help fund state and local governments."

According to Walltethub, the top 10 states with the lowest property taxes for 2026 are:

No. 1 – Hawaii
No. 2 – Alabama
No. 3 – Nevada
No. 4 – Arizona, Colorado, and South Carolina (tied)
No. 7 – Idaho
No. 8 – Delaware and Tennessee (tied)
No. 10 – Utah

real estate property taxes texas wallethub reports

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Tax Hike

Texans saddled with 7th highest property taxes in nation for 2026