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DALTX Real Estate > Texas A&M University Real Estate Center > Once Regarded as ‘Weird,’ Austin Is Making Gains in Luxury Home Sales
Texas A&M University Real Estate Center

Once Regarded as ‘Weird,’ Austin Is Making Gains in Luxury Home Sales

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Austin-Midcentury
Austin is closing in on Dallas-Fort Worth in luxury home sales figures.

Austin, which once embraced the Keep Austin Weird phrase, has taken another step toward being responsible — like having larger mortgages.

In the latest report from the Texas Real Estate Research Center at Texas A&M University, the Austin area is experiencing a surge in luxury home sales and slowly erasing the region’s reputation of being hip and bohemian.

Teslas are continuing to replace old-school Volkswagens.

Already, the number of luxury home sales — homes that sold for $1 million or more — have doubled since 2018. Austin has surged to No. 2 in Texas in luxury-home sales after trailing the Houston-The Woodlands-Sugar Land region since 2018.

The Dallas-Fort Worth area is still the king, leading each year since 2018. But the margins are getting closer and Austin is barely leading the Houston region through May.

Austin-Midcentury

In the first five months of 2022, Austin has sold 1,561 luxury homes, 17 more than Houston. D-FW sold 1,906.

“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,” Joshua Roberson, lead data analyst with the Texas Real Estate Research Center at Texas A&M University, said in the report.

Year-to-date sales are on pace to surpass pre-pandemic sales, but it’s too early to tell if there is enough momentum to exceed 2021 sales, he 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.”

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TAGGED:AustinLuxury HomesLuxury Real Estate
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