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Texas’ million-dollar home sales down 16 percent in 2023

AUSTIN – The ​​number of Texas homes that sold for $1 million or more from November 2022 to October 2023 was down 16 percent from the previous year. With 11,780 sales representing $19.5 billion, the activity in this price range is similar to that from November 2020 to October 2021. 

The number of $1 million+ homes accounted for 3.6 percent of total sales, same as the year before. Total dollar volume from these properties represented 14.3 pe​​rcent of all residential sales volume across the state. 

The average price per sf of $1 million+ homes decreased from $423 last year to $409 this year, more than double the $189 average price per sf of all Texas homes.

Nearly 90 percent of $1 million+ home sales this year took place in the state’s four largest metros. Average days on market for these properties rose from 47 days last year to 58 days this year.

Months of inventory in the $1 million+ price range, a measurement of how long it would take to sell all homes currently for sale at the current pace of sales, increased from 4.7 months in October 2022 to 7.6 months in October 2023.​​