Your daily dose of Austin
Smartphone image
×
Make your inbox more Austin.
Local news and fun, every day 6am.
Austin ranks among top luxury real estate markets with soaring 550% sales volume increase

Mount Bonnell overlooks some of the most luxurious homes in Austin. (Laura Figi/Austonia)

Shocker—Austin’s luxury real estate market is booming but after an especially fruitful year, the capital city is joining the big leagues for high-priced homes.


According to a study comparing industry-wide sales activity done by real estate agency Compass, Austin saw a 450% increase in $10 million-plus real estate transactions from 2020-2021, placing it among the 30 highest-value markets in the U.S.

With 11 total transactions totaling $189 million, the sales volume in Austin jumped 562% since 2020, putting the city markedly higher than major cities like Philadelphia, Pennsylvania; Jersey Shore, New Jersey; Long Island, New York, and Washington D.C.

Dallas was the only other Texas city to be included on the list and nearly mirrored Austin’s luxury real estate activity but ultimately came in lower in terms of total sales volume. With 10 total transactions above $10 million from 2020-2021, Dallas sold $115 million worth of houses and saw growth of about 66-68%.


However, Dallas prevailed out of the most expensive sold Compass listing at $11.9 million, whereas Austin’s most expensive listing capped at $11.6 million.

According to local agents Dara Allen and Gary Dolch, local luxury real estate has historically been concentrated along Lake Austin but is starting to spread out into areas like downtown and the suburbs. More luxury properties in diverse areas are expected to be listed on the Multiple Listing Service than ever before, which Allen said can be attributed to work-from-home.

“The prioritization of more square footage, larger lots, luxury amenities, and privacy is sending buyers as far out as Spanish Oaks and Dripping Springs,” Allen said. “People are spending more time at home and need space for sometimes even multiple home offices. Moreover, sellers are still holding tight despite their homes being worth more than they ever have been, and buyers are coming from surprising places.”

Dolch said Austin will continue to see growth from its feeder markets: California, New York, Chicago and Florida on account of the low-interest rates and ever-growing local tech and cryptocurrency markets.

“We are forecasting that our luxury market in Austin takes another leg up with 20%+ appreciation year over year,” Dolch said. “As good as it has been here, we think we’re still in the early days with at least a five-year runway ahead of us. Especially in executive estates, waterfront, and ranch properties which make up the majority of our current $200 million-plus listing portfolio.”

Popular

Austin's airport consumer satisfaction drops from a year ago, below Texas peers

(Austin-Bergstrom International Airport/Twitter)

Flyers are less satisfied with the Austin-Bergstrom International Airport than a year ago, a new study shows.

Research firm J.D. Power placed ABIA at No. 15 on a list ranking overall customer satisfaction at large airports, a slip from last year’s spot at No. 7. Other Texas airports secured rankings ahead of Austin, with Dallas Love Field at third, Houston Hobby at eight, and San Antonio International Airport at ninth.

Dallas/Ft. Worth ranked eight in the "mega airport" category.

Keep ReadingShow less
1923 Lake Austin mansion demolition request pitting preservationists and some neighbors against owner and city preservation office
Austin Monitor

By Jonathan Lee

The Planning Commission was split Tuesday on whether to help save an eclectic lakefront estate from demolition by zoning it historic amid concerns over tax breaks and the likelihood that a previous owner participated in segregation as a business owner.

The property in question, known as the Delisle House, is located at 2002 Scenic Drive in Tarrytown. The main house, with Spanish and Modern influences, was built in 1923 by Raymond Delisle, an optician. A Gothic Revival accessory apartment was built in 1946. The current owner applied to demolish the structures in order to build a new home.'

Keep ReadingShow less