Million-dollar home sales in North Texas are continuing to outpace the market.
Overall pre-owned home sales are up 4 percent this year from last year's record of more than 100,000 pre-owned houses purchased. But million-dollar sales in the area have jumped by more than 23%, with 1,669 during the 12 months ending in November.
The number of Texas homes sold for $1 million or higher jumped 19.1% and topped $7.5 billion in total sales volume this year, according to the 2017 Texas Luxury Home Sales Report released today by the Texas Association of Realtors.
"Despite slowing growth trends across the Texas housing market, job market and economy in 2017, Texas luxury home sales volume has continued to grow at a booming pace," Texas Association of Realtors chairwoman Vicki Fullerton said in a statement. "Rising home prices, high-end remodeling activity in major metro areas and relocation activity from out-of-state residents all continue to be drivers for Texas home sales of $1 million and higher."
Texas real estate agents sold 4,622 houses priced at $1 million or more between October 2016 and November 2017, according to the Realtors.
The average per-square-foot sales price of these properties was $349 — up 1.9% from the previous year.
"Signs of a softening housing market are historically first seen among luxury price classes, but there's been no such evidence of a softening market among Texas luxury home sales this year," said Fullerton. "Slowing luxury home price appreciation in Texas, however, could indicate that home price growth among the Texas housing market at large could begin to normalize in 2018, which would help curb growing housing affordability challenges throughout the state."
The DFW area has had the largest gain in luxury home sales of any of Texas' major markets.
Real estate agents sold $2.6 billion in million-dollar houses in the year ending in November, the Texas Association of Realtors reported. That compares with $2.5 billion in sales in Houston, $1.4 billion in sales in Austin and $237 million in San Antonio.
Million-dollar home sales were 20.7% higher this year in Austin, up 18.6% in San Antonio and up 12.9% in the Houston area.
Local real estate agents say that one reason million-dollar home sales have risen in North Texas is because of years of price increases in the overall market. During the last four years, median home prices in the area have risen by more than 40 percent, pushing a lot of homes into the million-dollar price range.
"We are selling a lot more million-plus homes in all the neighborhoods," said Dallas real estate agent David Griffin. "It's not out of the order for us to break the $300-a-foot price these days."
One of the highest-price home sales in the Dallas area so far in 2017 was the Wyly mansion on Beverly Drive in Highland Park. The historic home near Dallas Country Club went for more than $9 million, according to reports.
