A new report from Texas REALTORS® shows that million-dollar home sales increased in Texas from 2021 to 2022.
The 2022 Sales of Million-Dollar Homes in Texas Report shows that 13,998 homes sold last year had a price tag of $1 million or higher, a 17% increase over the quantity sold in 2021. Additionally, the total volume of million-dollar home sales increased by 14% to $22.6 billion.
“The profile of a home sold for a million dollars or higher has changed with the high demand for Texas real estate over the past few years,” said Texas REALTORS® chairman Marcus Phipps in a press release. “In some areas, one million dollars will be a large home with lots of bedrooms and bathrooms and many luxury features, but in others, the value of the location itself is high enough to push more-modest homes over the million-dollar mark.”
Further insights from the Texas REALTORS® report include:
- Homes sold for $1 million or higher amounted to only 3.6% of all home sales in Texas (a 0.8% increase year-over-year).
- The median price of homes sold for $1 million or higher was $1,336,500 (a 0.5% decrease year-over-year).
- The average price per square foot of homes sold for $1 million or higher was $423 (a 3% increase year-over-year), which is more than double the average square footage for all homes in Texas.
- Homes sold for $1 million or higher spent an average of 47 days on the market (a decrease of 3 days year-over-year).