Austin Million Dollar Home Sales on the Rise

Austin luxury homes, Austin million dollar homesLuxury home sales in Austin and throughout the largest markets in Texas continue to rise, according to the Texas Luxury Home Sales Report 2015 Edition, based on data from The Real Estate Center at Texas A&M University. The report analyzed sales data of homes priced at $1 million and higher from January to October 2014 in Austin, Dallas-Fort Worth, Houston, and San Antonio. Austin Sales volume for Austin luxury homes over $1 million rose nine percent over 2014, far outpacing the one percent increase in total market sales volume. The luxury market represented two percent of the overall housing market, and listings for Austin luxury homes increased at a pace consistent with its market as a whole, about 11 percent. The time on the market for luxury homes was just over five months, compared to 40 days for the overall market. Austin Luxury Home Sales Statistics, January through October 2014:
  • 506 active luxury home listings as of October 2014
  • 8.2 percent: Luxury homes made up 8.2 percent of active listings in October 2014. This equaled 506 out of 6,170 Austin home listings.
  • 161 Days: Estimated days to sell a luxury home in Austin
Texas Texas continues to be the most sought after location for moving, according to the 2014 Texas Relocation Report released by the Texas Association of Realtors. Texas gains more out-of-state residents than any other state and is a leader in home sales from international buyers. For every Texan who moves to California, two Californians move to Texas, according to the report, and this helps drive sales of homes in the luxury market. Houston had the largest number of luxury home sales, with those sales up 13 percent from the previous year.