Austin Luxury Home Sales Nearing Volume of Houston, DFW
published on July 20, 2022
All four major metros in Texas have seen significant increases in luxury home sales compared to pre-pandemic levels, with “Austin showing particularly strong momentum,” according to the Texas Real Estate Research Center at Texas A&M University.
In Houston, Dallas-Fort Worth, and San Antonio, the number of luxury homes sold during the first five months of 2022 was “about on par with the total sold in those cities four years ago.” Austin luxury homes, however, sold at almost twice the number of the entire year of 2018.
“What makes this all the more remarkable is that Austin’s population is only about one-sixth the population of Houston and one-seventh that of DFW,” said Joshua Roberson, lead data analyst with the Texas Real Estate Research Center at Texas A&M University.
Driven in part by price increases, the luxury home market in Austin – those listed at $1 million or more – has been gaining momentum. Austin’s luxury home sales were about half of those in Houston and DFW in 2018. In 2021, Austin was only slightly behind Houston. Austin and Houston “have been neck and neck this year in terms of luxury home sales,” and Roberson said Austin may be poised to surpass Houston. DFW has led the state for the last five years, but the difference is less pronounced so far in 2022.
Roberson said, “In-state migration, particularly among higher-income households, has propelled luxury home markets. And booming DFW and Austin have provided steady growth for the state’s overall luxury market.”
While year-to-date data puts the Texas luxury home market on pace to surpass pre-pandemic sales, Roberson says it’s too early to tell if there is enough momentum to exceed 2021 sales.
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