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.