Never miss a story
Sign up for our free daily morning email...
...and afternoon text update
×
becomeMemberIcon

become a member

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:

Elon Musk isn't the only billionaire Californian to move to Texas. Does Austin have the real estate they want? (Kent Wang/CC)


Popular

With a taste of MLS play under their belts, Austin FC is entering the second half of a scoreless inaugural match.

The club has been given some generous breaks from No. 2 LAFC, who had one or both of their star DPs out for the half. While forward Diego Rossi is out for the entire match due to a hamstring injury, Carlos Vela was accidentally pulled too soon on what turned out to be a miscommunication.

Keep Reading Show less

Ingredients:

  • 750 ml Tito's Handmade Vodka
  • 16 oz strawberries

Directions: Drop sliced strawberries into glass container filled with Tito's Handmade Vodka. Let sit in the refrigerator for 5-7 days. Once desired flavor is reached remove fruit. Enjoy!

The long-awaited day is here; Austin FC takes the field with LAFC. (Austonia)

It's matchday! Austin FC—Austin's first major league sport team—kicks off its debut season in Los Angeles today after years in the making. We know how much this means to our beloved city and are taking you along with us as we journey to LA!

Austin FC writer Claire Partain and I are excited to bring you game-day coverage straight from the City of Angels. Check back here for updates, and visit our socials: @austonianews for the latest.

5 p.m: Kickoff!

It's finally here! Claire will be updating Austonia's Twitter account live. And we'll post her game recap after the game. Best of luck Verdes!

4:40 p.m: Excitement radiates back home

Watch parties are in plenty supply back home. Austonia's Laura Figi visited Circle Brewing Co. and found a crowd of excited supporters.

4:20 p.m: Austin FC supporters are in the stadium

Although the Banc of California Stadium is hosting the match at limited capacity, we see some green in the stands ahead of kickoff. Just moments away from the Austin FC's debut!

~3:20 p.m: Austin FC's team bus enters the stadium grounds

With a warm welcome from Los Verdes, Austin FC players were welcomed into the Banc of California Stadium.

~1 p.m: Los Verdes in LA

(Rigo Rodriguez/Los Verdes)

Austin FC supporters are making their presence known in LA, including the Los Verdes group.

Los Verdes members started having match-day fun around the area this morning with brunch. We'll be joining them about an hour before the game outside the stadium to share some of their excitement. We'll post immediately to Austonia's Instagram.

11:45 a.m: We landed!

View from hotel room where we're staying; the stadium digital sign can be seen in the right corner. (Sonia Garcia/Austonia)

Switching over to pacific time, we're here and it's almost like no time went by. It's 9:45 a.m. here.

We've been in contact with Los Verdes, an Austin FC supporter group, who is also here in LA counting down to kickoff.

8:20 a.m: LA bound

Like many of you, we've been looking forward to this moment for, let's just say, a very long time. Today, we woke up bright and early, headed to Austin-Bergstrom International Airport and hopped on a flight to LA.

A gloomy day in Austin with a very quiet airport, we're headed to sunny skies in California.

As we wait for the game to start at 4:30 p.m., check out Claire's preview of the game with a predicted lineup and timeline of the long journey to get here.