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Dallas-Fort Worth sold the most million-dollar homes statewide in '24

12720 Bella Vino Drive, Fort Worth luxury home for sale
There's no shortage of luxury homes in Fort Worth. Photo courtesy of Sotheby's International Realty

A new report on the 2024 real estate scene reveals some astonishing high-dollar sales in the Texas market. According to the Texas Realtors' report on Sales of Million Dollar Homes in Texas, 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 findings, which calculated sales data from November 2023 to October 2024, a total 12,888 homes sold for at least $1 million during this time, representing nearly 16 percent of all Texas residential home sales and accounting for $21.4 billion in economic activity.

That's the greatest increase since the period from November 2021 to October 2022, which holds the current statewide record of $22.6 billion.

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 Dallas-Fort Worth
The report further revealed that DFW ruled: The highest share (38.7 percent) of Texas luxury homes were located in the Dallas-Fort Worth-Arlington metropolitan statistical area (MSA), amounting to nearly $8.5 billion.

A total 4,992 luxury homes were sold throughout DFW from November 2023 to October 2024 — 14 percent more than the previous year. These million-dollar real estate purchases accounted for 19 percent of all residential sales dollar volume in the Metroplex.

The median size of a million-dollar home that sold in DFW last October came out to 4,212 square feet — nearly twice as big as the median size of all residential homes sold for the month, a mere 2,089 square feet.

In a similar vein, the average price-per-square-foot for a luxury home sold in DFW in October came out to $394, whereas the price-per-square-foot for all residential homes sold in the area was only $212.

Dallas' share of high-end homes can be located in various affluent areas, from an ultra-modern Grapevine ranch, to an iconic Fort Worth mansion designed (and previously owned) by Joseph Minton.

Luxury real estate in other Texas metros
Houston-The Woodlands-Sugar Land came in second to Dallas-Fort Worth and contributed 26.2 percent of all million-dollar home sales in Texas. Austin-Round Rock had the third-highest share (19.1 percent) of statewide luxury real estate sales.

In Houston, 3.371 luxury homes were sold from October 2023 to November 2024, raking in $5.7 billion in total sales dollar volume. Meanwhile, 2,461 luxury homes were sold in the Austin area to bring in $4.1 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:

  • $389 – average price per square foot for a million-dollar home in Houston
  • $510 – average price per square foot for a million-dollar home in Austin
  • 4,406 square feet – median size of a luxury home in Houston
  • 3,440 square feet – median size of a luxury home in Austin

Additionally, 5.1 percent of all million-dollar homes sold statewide were located in San Antonio-New Braunfels. That means 656 luxury homes were sold in this metro, which brought in $957 million. In a one-month analysis for October 2024, the median size of a million-dollar home sold in the Alamo City came out to 4,118 square feet, which sold for an average price of $357 per square foot.

Elsewhere in Texas, just under 11 percent of the state's luxury home sales were located outside the four biggest metros, or 1,408 homes.
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