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Last updated on April 18th, 2022 at 08:29 am
Even with an increase in home price, there has been a strong spike in the number of homes sold in Texas. Homes costing million-dollar-and-up range were in high demand said the chairman of Texas Realtors, Marvin Jolly.
The median price for Texas luxury homes through the first two quarters of the current year was $1,360,133, which is 0.1% high compared to 2020.
The average price per square foot for luxury homes rose to 9.5% that is $395, which is more than double the average price per square foot i.e. $166 for all residential Texas homes.
For the first 10 months of this year, the luxury homes in Texas stayed an average of 55 days on the market, whereas in 2020 the average time a home stayed in the market was 86 days.
Usually, the lower-priced homes get sold faster than luxury homes in the market.
Jolly said that in Texas there is strong demand for the luxury home market because many out-of-state buyers are finding affordable, larger, or higher-end homes compared to the area they came from.
Reference Source: Inforney
