The number of Texas homes that sold for $1 million or higher from November 2021 to October 2022 increased 17 percent compared to the previous year, according to the 2022 Sales of Million-Dollar Homes in Texas Report released today by Texas Realtors using data from the Texas Real Estate Research Center at Texas A&M University.
The annual report showed 13,998 total sales of homes priced at $1 million or more with a combined dollar volume of $22.6 billion, a 14 percent increase in dollar volume from the previous year.
“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 Marcus Phipps, chairman of Texas Realtors. “In some areas, $1 million will buy 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.”
What Can You Get For $1 Million?
In the North Texas area, the region is lousy with million-dollar homes.
In Dallas, $1 million could get you a gorgeous historic Prairie-style home in Munger Place, listed by David Griffin of David Griffin & Co. Realtors.
The four-bedroom, four-and-a-half-bath home was built in 1910 and, unsurprisingly, is already contingent.
“Located in the middle of one of the finest, tree-shaded blocks in Munger Place — the largest intact collection of Prairie-influenced homes in North Texas — 4928 Junius welcomes visitors with a broad front walkway leading to its wide, welcoming front porch,” Griffin says of the home, which he priced at $1.095 million.
Likewise, in Fort Worth, for $1 million you could get a three-bedroom, two-bath Midcentury Modern home in the city’s Colonial Country Club area, just a short distance from the TCU campus.
The home, built in 1956, has tons of original details and plenty of updates says listing agent Chase Akin of Interhomes Realty. The property has only had two owners and exhibits some of the classic hallmarks of California-style Midcentury Modern design.
Million-Dollar Homes by The Numbers
The number of million-dollar homes, or homes that sold for at least $1 million, accounted for 3.6 percent of all homes sold in Texas, an increase of 0.8 percent from last year. The total dollar amount represented 14.2 percent of all residential sales dollar volume across the state.
The median price for Texas homes sold for $1 million or higher during the first 10 months of 2022 was $1,336,500, which is 0.5 percent less than the previous year. The average price per square foot for homes that sold for at least $1 million increased 3 percent to $423, more than double the $192 average price per square foot for all residential Texas homes.
From January to October 2022, these homes spent an average of 47 days on the market, a decrease of three days from the same time frame in 2021. On average, million-dollar homes spend more time on the market than lower-priced homes.
“Like all real estate transactions, there are many factors that sellers and buyers should consider — there’s no one-size-fits-all strategy,” Phipps said. “A Realtor can help sort through the data and trends to help you understand the local conditions for these high-end properties.”
