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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
(Austonia)
Austinites love to lament the loss of “Old Austin”—they’ve been saying it since 1884. And with one-bedroom rents up 112%, home appraisal rates up 56% and the cost of living on a seemingly endless upward trend, it's hard not to see Austin's past through rose-tinted lenses.
But even in money-stretching times like these, some Austinites are taking a break from their usual complaints to remind themselves why they choose to stay.
Mark Coffey has stayed in Austin for decades due to its uniqueness, inclusivity and community. (Mark Coffey)
As a near-original Austinite, Mark Coffey didn't have too much trouble buying a house or finding a job with pension benefits at a local utility service decades ago. Still, he said he's stayed in Austin for more than financial security.
"Despite the cost of living, the brutal heat and traffic... I think the trade-off is that Austin has always kind of had that sense of possibility," Coffey told Austonia. "Of all the cities in Texas, it's been the most open to change and future possibilities and I don't think that's ever completely lost."
Austin's unique spirit has attracted like-minded small-town Texas kids looking for community. Gabriel Rodriguez, who grew up in the Rio Grande Valley, moved to Austin a few years ago after graduating from Texas State University and still hasn't become bored with the vibrant live music scene.
Gabriel Rodriguez, who has experience as a musician has found a home in Austin's live music scene and with Austin FC. (Gabriel Rodriguez)
"The big thing to me was the music," Rodriguez said. "That's what made me want to move to Austin in the first place... I grew up in a place that didn't have that."
Coffey, Rodriguez and many others have also found the Austin spirit with Austin FC, the city's first major league sports team, and its vibrant and community-minded fanbase.
"Austin FC has come around and it's caused both old and new Austinite to kind of rally around something that like, yeah, this is our club, but it's also a statement about the kind of community we want to be," Coffey said.
For others, like Michelle Sanchez, Austin is home for many reasons—namely, a famed food scene, family and plenty of outdoor activities.
In a Reddit post that saw nearly 800 comments, dozens of users pointed to outdoor activities—from Barton Creek's Greenbelt swimming holes to paddle boarding on Lady Bird Lake and trails dotting the city's outskirts. Others said that despite its flaws, they've never found anywhere better.
"Austin doesn't do anything spectacularly, but does more things adequately than most anywhere I can think of," user boyyhowdy said.
However, for some, those "adequacies" still aren't enough to stay.
Rodriguez said he's thought of leaving too. But whenever he thinks too long about the city's flaws, he finds solace in Austin's live music venues, including his favorite, Moody Theater. Coffey, meanwhile, recommends longtime spots like Continental Club, the Broken Spoke or even South Congress for a quick "old Austin" fix.
And with housing prices showing signs of slowing down and longtime haunts like Austin's longest-standing grocery store opening back up, there still may be time to reignite a romance with what "Keeps Austin Weird."
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