Texas’ luxury housing market is stabilizing after experiencing a surge during the pandemic, according to data from Texas Realtors covering transactions between November 2024 and October 2025. The report indicates that while sales volume, median prices, inventory, and days on the market are all increasing, growth is now proceeding at a steadier pace compared to previous years.
In 2025, over 14,400 homes priced above $1 million were sold in Texas, setting a new record and surpassing the nearly 14,000 sales recorded between November 2021 and October 2022. Since 2015, Texas has reached new highs for luxury home sales almost every year. However, this trend was interrupted in 2021 and 2022 when there was a significant 90 percent jump in million-dollar home sales. The rapid growth slowed considerably in 2023 with a 16 percent decline—the only statewide decrease in luxury home sales over the past decade.
The recent rate of growth mirrors pre-pandemic trends. In 2018, million-dollar home sales increased by 11.5 percent; last year’s figure was close at a 12 percent increase.
Market conditions have also shifted as inventory levels and days on the market rose throughout 2025. Inventory grew slightly from an eight-month supply in 2024 to about an eight-and-a-third month supply in the most recent period. Luxury homes averaged 72 days on the market last year—four days longer than in the previous year. For example, one of Dallas’ highest-priced residential transactions—a property at 1 Dorset Place—sold within this average timeframe.
Despite signs of deceleration such as increased inventory and longer selling periods, experts note that the market is not stagnating. Before the pandemic-driven boom lowered inventory below four months and sped up sales to an average of just under two months per listing, it was common for luxury homes to remain unsold for at least eighty days with much higher months of supply.
The change in inventory from last year to this year represents one of the smallest annual shifts seen over the past decade, suggesting that buyer-seller ratios are balancing out.
Additionally, prices have continued their upward trend for high-end properties: The average price per square foot for homes valued above $1 million increased by five dollars to reach $423 last year. By contrast, average prices per square foot across all Texas homes dropped slightly from $190 to $188.
