This has been a banner year for big-ticket Texas real estate. Luxury homes were the fastest growing sector of the Lone Star State’s housing market in 2017, according to a report Thursday by the Texas Association of Realtors.
Both sales volume and sales dollar volume for homes $1 million and up—the report’s benchmark for luxury—logged double-digit gains from November 2016 to October 2017, the report said.
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Luxury home sales volume in the state increased 19.1% to 4,622 and sales dollar volume rose 19.9% to approximately $7.5 billion. The prime market markedly outperformed the sales volume and sales dollar volume for the overall Texas housing market during the same period, which increased 4.5% and 10.7%, respectively, according to the report.
"Despite slowing growth trends across the Texas housing market, job market, and economy in 2017, Texas luxury home sales volume has continued to grow at a booming pace," Vicki Fullerton, chairman of the Texas Association of Realtors, said in the report.
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On a local level, Dallas-Fort Worth-Arlington saw the most luxury home sales and the highest dollar volume, 1,669 and $2.6 billion, respectively.
But prices for individual luxury homes in Texas didn’t experience the same surge as the sales dollar volume overall. In January to October 2017, the median price for a Texas luxury home was $1.35 million, unchanged from the first 10 months of 2016. And luxury homes stayed on the market for an average of 98 days in the first 10 months of 2017, approximately three days more than the same time period in 2016.