Even in the midst of the coronavirus pandemic, Texas' housing market is booming.
From November of 2019 to October of 2020, there were 6,347 luxury homes worth $1 million or more that were sold in the major Texas metropolitan areas including San Antonio, Austin, Houston, and Dallas-Fort Worth, according to TexasRealEstate.com.
Texas Realtors Chairman Marvin Jolly said, "One reason we've seen strong growth in luxury home sales despite the pandemic is that mortgage rates are so low."
There was a 23.8% increase in sales volume compared to the year before.
The luxury homes stayed on the market for an average of 86 days from January to October in 2020, which decreased from 2019.
Jolly said, "Buyers of high-end properties are finding they can buy more for their money, particularly when compared to many real estate markets in New York, California, and other pricier areas."
KSAT reported that the average price per square foot for all of the residential home sales from November 2019 to October of 2020 was $139.
The average price per square foot for the luxury homes was $361.
Photo: Getty Images
Source: KSAT