LUXURY HOMES

ume, according to the association.

“Home price increases in Texas have led to a strong spike in the number of homes sold in the million-dollar-and-up range,” Marvin Jolly, chairman of Texas Realtors, said in a statement. “The price increase has shifted the profile of homes that were historically listed in this category. We are seeing more neighborhoods with homes selling for above $1 million. In many cases, homes that would have sold for under a million dollars last year are topping that mark this year.”

The jump in luxury home sales is another sign of a red-hot housing market that is breaking records and driving prices higher across Texas. Strong demand, low interest rates and tight inventories are supporting double-digit price gains in the state’s metro markets.

In Houston last month, luxury home sales jumped 23 percent from Nov. 2020, pushing the median home price 16 percent higher to match the record $314,000, according to the Houston Association

of Realtors.

Dallas led the state in luxury sales with 3,818 sales in the 12 months ending in October, up more than 80 percent during the same period a year earlier. Luxury sales in Houston rose by 77 percent over the year to 3,264.

Sales of luxury homes in Austin more than doubled to 3,103, totaling $5.2 billion. Luxury home sales in San Antonio also more than doubled to 622.

Austin had the slimmest supply of luxury homes on the market among Texas cities, with an inventory of 1.9 months in October. Inventory was also tight in Dallas, at 2.5 months. Houston posted a 4.6-month inventory and San Antonio posted 5.7 months.

Statewide, luxury homes spent an average of 55 days on the market in the first 10 months of 2021, shaving a month from the time they spent on the market during the same period in 2020, according to Texas Realtors. Homes above $1 million sold in only 32 days in Austin while luxury homes in Houston took nearly twice as long at 61 days.

The Houston luxury home sales totaled $5.4 billion or 13.3 percent of all residential sales volume, according to the report.

Tamir Kalifa / New York Times Sales of homes worth $1 million or more doubled to 3,103 in Austin over roughly the past year, according to Texas Realtors. Dallas led the state with 3,818, while Houston was second with 3,264.