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Million Dollar Home Sales Pickup As We Head Into 2016

Tuesday, February 2nd, 2016 at 5:32pm Engel & Völkers Austin

Luxury home sales continued to be one of the fastest growing housing segments in Texas’ largest markets in 2015, according to the 2016 Texas Luxury Home Sales Report released today by the Texas Association of Realtors. The report cited sales volume increases from 4.5 percent to 36.4 percent for homes sold at $1 million or more in Texas’ four major markets. Based on data analyzed by the Real Estate Center at Texas A&M University, the Texas Luxury Home Sales Report analyzes trends in homes sold for $1 million or more from January through October 2015 in Texas’ four largest markets.

A popular trend for homebuyers in this price class is to purchase homes on smaller lots, but in more desirable locations and with higher-end amenities. The Houston market saw the highest amount of luxury home sales at 1,284 from January to October 2015, an increase of 4.5 percent compared to the same period in 2014. These sales represented almost two percent of overall home sales in this market.

Sales of $1M+ homes in Austin represented more than two percent of the overall housing market and saw a 16.3 percent increase in sales volume year-over-year. The median price for Austin homes in the luxury price class was $1,381,252, and the average amount of time it took to sell a luxury home was almost two months longer than the typical home.

In Dallas-Fort Worth, luxury sales grew 12.4 percent, rising to 1,088 homes sales from January to October 2015. The median price for luxury homes in Dallas reached $1,400,000. It took 37 more days for a luxury home in Dallas to sell compared to a typical home.

In San Antonio, $1M+ homes saw a 36.4 percent increase compared to the same time period in 2014. Although luxury homes accounted for less than one percent of the market, active listings increased 33 percent and median price was $1,298,375, the lowest compared to Austin, Houston and Dallas.

Luxury home sales statistics in Austin (January through October 2015):

 585 – Total luxury homes sold, 16.3 percent more than January – October 2014.

 2.2 percent – Luxury homes made up two percent of the total housing market (585 out of 27,001 homes sold).

 $397 – The price per square foot for a home in Austin in the $1 million and up price class. This is 2.5 times higher than the average home in Austin’s price per square foot. 2016 Texas Luxury Home Sales Report January 2016 5 Austin Luxury Home Sales Statistics, January through October 2015:

 640 – Total number of active luxury home listings as of October 2015.

 10.4 percent – Luxury homes made up 10.4 percent of all active listings on the market in October 2015 (640 out of 6,166 Austin homes).

 100 – Estimated number of days to sell a luxury home in Austin.

 $1,381,252 – The median price for a home in the luxury price class in Austin. This is a 0.9% increase from the same time period last year.

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