Austin Cracks Top 10 for Luxury Homes

Austin is now in the top 10 among United States metro cities for properties with price tags of $1 million and more. Almost 25 percent of home listings are over the $1 million mark, according to a Point2Homes report. Of the Austin luxury listings, 1.5 percent are $5 million and above. This compares to the city’s median price of around $550k. Among other Texas cities, Dallas (22%) came in 12th nationally and Houston was 18th (11.4%). The California cities of Los Angeles, San Francisco, San Jose and San Diego comprised the top four spots, while Boston came in fifth, followed by New York, Seattle, Denver, and Washington, D.C. “Elevated mortgage rates, home price spikes, a national housing shortage, and fierce competition make today’s housing market a hostile one for the average aspiring buyer. But, homebuyers with a budget of $1,000,000+ are anything but average ... Many high-end transactions are made in cash, so the luxury residential sector is not as affected by interest rate fluctuations,” stated the report. Read more: https://www.point2homes.com/news/us-real-estate-news/rank-us-cities-share-of-luxury-homes-for-sale.html.