Luxury home sales are on the rise. Photo courtesy of Kuper Sotheby's International Realty
Million-dollar home sales are on the rise across San Antonio, according to a new report from Texas Realtors.
The number of luxury homes — those priced at $1 million or higher — sold in the San Antonio metro area increased 10.8 percent in the past year, to 211 homes sold. It's the second highest percentage increase among the metros studied in the report, which looked at Texas data from November 2018 through October 2019.
Those homes accounted for $319 million in sales (the smallest dollar amount among major Texas metros) and 3.4 percent of all home sales in the San Antonio area.
As a whole, Texas saw a 4.4 percent increase in luxury home sales during the timeframe studied. A total of 5,149 homes sold for $1 million or more, resulting in $8.3 billion in sales, up 5.1 percent from the previous year.
Elsewhere in the state, luxury home sales in Austin increased 14 percent year-over-year — the highest increase in Texas — to 1,085 homes sold. They accounted for $1.7 billion in sales.
In Houston-The Woodlands-Sugar Land, million-dollar home sales grew 3.3 percent year-over-year, to 1,715 homes. They totaled $2.8 billion in sales for the area.
Dallas-Fort Worth experienced a slight 0.8 percent increase, but it still garnered the highest number of luxury home sales in the state. In total, 1,785 homes were sold in DFW to the tune of $2.9 billion.
The median price for a luxury home in the Lone Star State registers at $1,375,000, according to the report. Astoundingly, the average price per square foot for a luxury home is $384 — more than triple the norm for Texas.
By Arden Ward
Dec 27, 2019, 11:15 am
