Austin Leads Texas in Luxury Home Sales

January 31, 2018by Brian Talley

Austin luxury home sales have biggest gain in state

From November 2016 to October 2017, the Austin-Round Rock metropolitan statistical area experienced the largest gain in the state in luxury home sales dollar volume, qualified as homes that sold for $1 million or higher. Dollar volume increased 27.2 percent in the Austin-Round Rock MSA to a total of $1,458,938,112, according to the Texas Association of REALTORS®’ Texas Luxury Home Sales Report. Austin-Round Rock was the only MSA to outpace the statewide increase in dollar volume of 19.9 percent.

In this same period, luxury home sales in the Austin-Round Rock MSA increased 20.7 percent to 868, equaling 18.8 percent of Texas’ luxury home sales. Luxury homes sales dollar volume in the Austin-Round Rock MSA comprised 19.3 percent of the luxury volume in the state. Within the Austin-Round Rock MSA, luxury sales equaled 11.8 percent of the total dollar volume.

June 2017 was the peak month for luxury homes sales in the Austin-Round Rock MSA, but January 2017 experienced the highest increase in year-over-year sales with a 50 percent increase. The median price for Austin-Round Rock MSA luxury homes was $1,350,000, a 1.2 percent increase when compared to the same 10 months in 2016. Price per square foot increased to an average of $400, the highest in the state.

The median year built for luxury homes in the Austin-Round Rock MSA was 2002, and the median square footage was 4,171. Among the metro areas, Austin-Round Rock had the lowest luxury home inventory in October 2017, at 9.8 months. This was a 0.9 month decrease compared to October 2016. Luxury homes in the Austin-Round Rock MSA spent an average of 102 days on the market during January to October 2017.

Active luxury listings were up 8.8 percent, new luxury listings were up 12.2 percent, and pending luxury sales increased 22.8 percent during January to October 2017.

View active listings here.