Answer: Price per square foot for a luxury home in TX.
It is true that you can put a price tag on anything, well maybe not everything, but you certainly can put one on a luxury home. According to the 2018 Texas Luxury Home Sales Report by the Texas Association of Realtors (TAR), the median price for a Texas luxury home remains unchanged at $1.35 million.
Houses priced over $1 million dollars are considered “luxury” and 5,123 of them sold across the state of Texas from October 2017 to November 2018, up 11.5% from the previous year. The average price per square foot for a luxury home was $358.00. This is up 2.5% from the first ten months of 2017. A median house in Texas carried an average price tag of $128.00 per square foot.
From January to October 2018 the average time a luxury home spent on the market in Texas was 94 days, a decrease of four days from the same timeframe in 2017. It makes sense that the bigger price would lead to a longer time on the market because there are few buyers who can afford the higher price and it takes longer to get a big loan.
For comparison, here are some statistics courtesy of Realtor.com.
Austin-Round Rock, TX, Median Price $350,000. Days on the Market, 65.
Dallas-Fort Worth – Arlignton, TX Median price $335,000. Days on the Market, 58
Houston-The Woodlands-Sugar Land, TZ – Median Price $350,000. Days on the Market, 65.
Killeen-Temple, TX, Median Price $200,000. Days on the Market, 68
San Antonio-New Braunfels, TX – Median Price $285,000. Days on the Market, 66.
For more on luxury houses, read “Livin’ Large: Texas’ Robust Luxury Home Market,” a Tierra Grande article by Real Estate Center Senior Data Analyst Joshua Roberson. https://www.recenter.tamu.edu/news/newstalk-texas/?Item=21652.Read more at Texas Association of REALTORS
Patrick@InvestorsLendingSource.com
512-213-2271
Austin, Texas
Photo by Pixabay on Pexels.com
