Austin’s luxury home market is on the rise! According to a report released by the Texas Association of Realtors, luxury home sales in Austin increased 9% since 2013. The report measured sales of homes priced at $1 million or higher between January and October 2014. Just over 475 luxury homes were sold in Austin during this period, excluding homes sold in private sales. Luxury home sales represent 2% of the overall housing market in Austin. That’s the highest percentage of any housing market in Texas.
Luxury homes sales across the state were also on the rise. Houston posted the largest number of home sales, with a 13% increase since 2013. The Dallas-Fort Worth area saw over 900 luxury homes sold during the measure period. San Antonio has the smallest luxury homes market, with just over 100 homes sold. The report credits job and population growth for driving the sales of luxury homes across the state. Texas is the most popular state for residents relocating from across the country. Previous reports from the Texas Association of Realtors have stated that for every Texan that leaves the state for California, two Californians choose to make Texas their home, especially in growing cities like Austin. Increasing job growth means more and more homebuyers can afford to purchase a luxury home. Austin is consistently ranked as one of the top cities for job growth in the state.
As long as there is a high demand for Austin homes, the luxury home market will continue to grow. Check out our Austin Luxury Homes page to explore Austin’s luxury neighborhoods and search all luxury homes for sale in Austin. At Reilly Realtors, we have several agents who specialize in the sale or purchase of luxury homes. Contact us today to start working with one of our expert agents.