Texas Million-Dollar Home Sales Surge, Signaling Wealth Concentration

Event summary

  • A record 14,418 Texas homes sold for $1 million+ between November 2024 and October 2025, a 12% increase year-over-year.
  • The total sales value of these homes reached $24.5 billion, also a new record.
  • Dallas-Fort Worth-Arlington accounted for 38% of $1 million+ home sales, totaling $9.7 billion.
  • The average price per square foot for $1 million+ homes rose to $423, more than double the average for all Texas homes ($188).

The big picture

The surge in Texas million-dollar home sales underscores the state's continued appeal to affluent buyers and highlights a growing wealth concentration. While the segment remains a small portion of the overall market, its disproportionate contribution to sales dollar volume indicates its significant impact on the state's real estate economy. The increasing price per square foot and closing price percentages suggest a market that, while robust, may be experiencing localized shifts in buyer sentiment.

What we're watching

Metro Disparities
The concentration of high-end sales in Dallas-Fort Worth-Arlington and Houston suggests widening regional economic disparities within Texas, which could impact future infrastructure investment and tax revenue distribution.
Price Sensitivity
The fact that homes are closing at only 90-94% of listing prices in San Antonio and Houston indicates potential softening in those markets, which warrants monitoring for broader price corrections.
Luxury Demand
Continued growth in the $1 million+ segment, despite representing a small portion of overall sales, suggests sustained demand from high-net-worth individuals, potentially driven by factors like remote work and investment diversification.