The 2021 Texas Luxury Home Sales report on Dec. 14 released a report showing the number of homes in the state that sold for over $1 million increased by 90%.

A statement by Texas Realtors reported that, between Nov. 2020 and Oct. 2021, around 12,000 million-dollar houses, also known as luxury homes, were sold in Texas.

“The price increase has shifted the profile of homes that were historically listed in this category,” chairman of Texas Realtors Marvin Jolly said, according to the release. “We are seeing more neighborhoods with homes selling for above $1 million. In many cases, homes that would have sold for under a million dollars last year are topping that mark this year."

The release states that Dallas was the city with most luxury homes sales in the state, with 3,818 homes sold.

“What defines a million-dollar home is rapidly evolving across the state,” Jolly said. “There is strong demand in the luxury home market in Texas, as many buyers from out of state are finding that they can afford a larger or higher-end home compared to the area they came from. Anyone considering buying or selling a luxury property can better understand and navigate this market by working with a Realtor."

During the one-year period, luxury home sales increased 89.6%, according to the release. 

The statement additionally said that luxury homes in the state spent an average of 55 days on the market, which was 31 days less than the same time last year. It’s worth mentioning that higher priced homes spend more time on the market than lower priced properties. 

According to the report, the total sales dollar volume in the state increased 93.3% in the same period, with $19.9 billion in sales. 

Texas Realtors has over 140,000 members, representing all types of real estate for the state, advocating for realtors and property rights.