A new 2024 report from Texas Realtors has revealed the number of homes that sold in the state for $1 million or more increased 10 percent from last year to reach its second-highest peak ever recorded.

According to the report's findings — which calculated sales data from November 2023 to October 2024 — Texas' luxury real estate market accounted for $21.4 billion in economic activity. The period from November 2021 to October 2022 still holds the current statewide record, which is $22.6 billion.

A total 12,888 homes sold for at least $1 million during this time, which represented nearly 16 percent of all Texas residential home sales.

May 2024 was the busiest month for Texas' luxury home sales. Nearly 1,580 homes were sold that month for $1 million or more. Meanwhile, January was the slowest month with only 610 million-dollar homes sold.

"The high end of the Texas real estate market continues to evolve," said Christy Gessler, Chairman of Texas Realtors, in a press release. "As prices rise, more homes cross the million-dollar threshold. Some are highly valued for their size or amenities, but with many, the key factor is location."

Luxury real estate performance in San Antonio
The report further revealed that 5.1 percent of the sold Texas luxury homes were located in the San Antonio-New Braunfels metropolitan statistical area, generating nearly $957 million.

A total 656 luxury homes were sold in the San Antonio metro from November 2023 to October 2024, which is a small four percent increase from last year. These million-dollar real estate purchases accounted for eight percent of all residential sales dollar volume in the metro.

The median size of a million-dollar home that sold in San Antonio last October came out to 4,118 square feet, which is more than twice as big as the median size of all residential homes sold for the month — 1,906 square feet.

In a similar vein, the average price per square foot for a luxury home sold in San Antonio in October came out to $357, whereas the price per square foot for all residential homes sold in the area was only $176.

Luxury real estate in other Texas metros
San Antonio-New Braunfels had the fourth largest share of luxury home sales in Texas. Dallas-Fort Worth had the greatest share (38.7 percent) of all million-dollar home sales in Texas in 2024, followed by Houston-The Woodlands-Sugar Land (26.2 percent).

In Dallas-Fort Worth, 4,992 luxury homes were sold from October 2023 to November 2024, raking in $8.5 billion in total sales dollar volume. Meanwhile, 3,371 luxury homes were sold in the Houston metro to bring in $5.7 billion, the report said.

Here's how the average price per square foot and median home size compared across these two Texas metros in October 2024:

• $394 – average price per square foot for a million-dollar home in Dallas-Fort Worth
• $389 – average price per square foot for a million-dollar home in Houston
• 4,212 square feet – median size of a luxury home in Dallas-Fort Worth
• 4,406 square feet – median size of a luxury home in Houston

Additionally, 19.1 percent of all million-dollar homes sold statewide were located in Austin-Round Rock. That means 2,461 luxury homes were sold in this metro, which brought in $4.1 billion. In a one-month analysis for October 2024, the median size of a million-dollar home sold in the Texas capital city came out to 3,440 square feet, which sold for an average price of $510 per square foot.