SAN ANTONIO – The coronavirus pandemic may have slowed down the world’s economies, but when it comes to luxury homes in Texas, business was booming last year.
From Nov. 2019 to Oct. 2020 6,347 homes sold for $1 million or higher in the major Texas metropolitan areas including San Antonio, Austin, Houston and Dallas-Fort Worth, according to TexasRealEstate.com.
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“One reason we’ve seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low,” 2021 Texas Realtors Chairman Marvin Jolly said.
The data showed a 23.8% increase in sales volume compared to the year prior. Luxury homes were on the market for an average of 86 days from January to October 2020, a decrease of one day from the same period in 2019.
“Buyers of high-end properties are finding they can buy more for their money, particularly when compared to many real estate markets in New York, California, and other pricier areas,” Jolly said.
The average price per square foot for all residential sales in Texas from Nov. 2019 to Oct. 2020 was $139. The average price per square foot for luxury homes, worth $1 million or more, was $361.
While most of us probably can’t afford a home with a million-dollar price tag, KSAT has featured many luxury homes on our website in 2020. See some of them below: