Million-dollar home sales heat up San Antonio real estate market
Luxury home sales are on the rise in San Antonio. According to a new report from the Texas Association of Realtors, San Antonio experienced an astounding 36.4 percent increase in sales of luxury homes — those priced at $1 million or more — in 2015.
Despite the growth, San Antonio luxury sales accounted for a tiny 0.5 percent of the local market. From January through October, 120 luxury listings were sold. The median price was a $1,298,375, about $284 per square foot, and these homes took 106 days longer to sell than the average San Antonio home.
Texas' three other largest housing markets — Dallas-Fort Worth, Houston, and Austin — also saw a major uptick in luxury home sales, which can be attributed to the state's rising prices.
"Rising home prices across the state are also pushing more higher-end homes into the luxury market. Many homes priced in the $800,000 to $900,000 range a few years ago will now sell for more than a million," Jim Gaines, an economist with the Real Estate Center at Texas A&M University, explained in a statement.
Houston had the highest volume of luxury sales statewide (1,284 sold), a 4.5 percent increase from 2014. Dallas-Fort Worth experienced a 12.4 percent increase in sales and had the most expensive luxury homes ($1.4 million on average) overall.
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