Austin is seeing an increase in luxury home sales of almost two times the Texas average, according to the latest Texas luxury home sales report.
The report analyzed luxury home sales, or homes priced at $1 million and higher, from November 2019 through October 2020 for the Austin, Dallas-Fort Worth, Houston and San Antonio areas. Despite Austin luxury housing being more expensive per square foot at $443 compared to the statewide average of $360, it still continues to outperform every other major Texas city.
The Austin metropolitan statistical area, or MSA, has had 1,534 homes sell for over $1 million between November 2019 and October 2020. This is a 41% increase over the previous year compared to the Texas average of just under 24%.
Luxury homes in the area also spend less time on the market than other major cities. While Dallas, Houston and San Antonio's homes spend, respectively, averages of 78, 79 and 133 days on the market, Austin-area homes only spend an average of 71 days sitting empty.
The relocation of celebrities such as Joe Rogan, James Van Der Beek and now Chris Harrison to Austin contributes to the increased demand for high-end real estate. Realtors have had to resort to more creative efforts to bring homes to their buyers when there is sometimes only one $20 million home on the market at a time, a realtor told Austonia last month.
Austin is seriously falling behind in housing inventory. While a healthy housing market is defined by experts as having six months of housing inventory, Austin has just under four. Dallas has the healthiest inventory with seven months worth of housing on the market.
Given the decline in housing inventory, it is no wonder why Austin housing is getting costlier. Austin Board of Realtors President Romeo Manzanilla said in a statement this last month that Austin's falling inventory "will put enormous pressure on home prices" and encouraged city leaders to think about ways to make the market more sustainable in its longterm growth.
More on luxury real estate:
In what was called the "Dodge Bowl" among fans and the media, Coach Todd Dodge adds to the Chaparrals' trophy case by bringing home the State Championship for Westlake High School a second time. Westlake was able to hold off the Southlake Carroll Dragons, winning 52-34 and becoming back-to-back State Champions for the first time in school history.
Increased police, an adjourned Legislature and boarded-up storefronts: Austin preps for Inauguration Day protests
After supporters of President Donald Trump stormed the U.S. Capitol in a deadly riot last week, the FBI circulated an internal bulletin warning of armed protests being held at all 50 state capitols at least until Inauguration Day.
Here in Austin, local and state law enforcement officials have ramped up security around the Texas Capitol, the Texas Legislature has adjourned until Jan. 26 and downtown businesses have boarded up their storefronts—again.
- Texas Capitol amps up security after pro-Trump protest - austonia ›
- Gov. Abbott dispatches National Guard to Austin amid election ... ›
- Austin police prepare for election-week protests - austonia ›
- Downtown Austin boards up in anticipation of protests, again ... ›
- Black Pumas bring Austin music to the VP inaugural fundraising ... ›
COVID-19 is still raging on, reaching the Texas House earlier this week, but Austin's tech sector is booming.
Here are some of Austin's most breaking stories, broken down into bite-size pieces, so you can be informed quickly.