Texas Million-Dollar Home Sales Surge to Record High
Event summary
- Texas recorded 14,418 sales of homes priced at $1 million or more between November 2024 and October 2025, a 12% increase year-over-year.
- The collective sales value of these homes reached $24.5 billion, also a new record.
- New listings in the $1 million+ price range increased to 32,793, up from 28,325 the previous year.
- Million-dollar homes accounted for 17.2% of all residential sales dollar volume, up from 15.7% the prior year.
- The Houston MSA saw the largest increase in $1 million+ home sales, rising 18%.
The big picture
The surge in Texas million-dollar home sales underscores the state's continued appeal as a destination for high-net-worth individuals and investors, fueled by factors like job growth and favorable tax policies. However, the concentration of sales within a few major metropolitan areas and the slight decline in closing prices relative to listing prices suggest potential vulnerabilities in the luxury market. This trend highlights the importance of localized market analysis and a nuanced understanding of buyer behavior.
What we're watching
- Regional Disparities
- The concentration of sales in the four largest metros (Dallas-Fort Worth, Houston, Austin, and San Antonio) suggests limited broader market participation, potentially indicating a bifurcated housing landscape.
- Price Sensitivity
- The fact that homes closed at only 90-94% of original listing prices in San Antonio and Houston, respectively, suggests a cooling in buyer enthusiasm or increased negotiation power, which warrants monitoring.
- Price Per Sq Ft
- The continued increase in average price per square foot for million-dollar homes, significantly outpacing the broader market, indicates a widening gap in value perception and affordability, which could impact future sales velocity.
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