The 2015 Texas Luxury Home Sales Report, released January 5, 2015 by the Texas Association of Realtors (TAR) showed a continued, steady growth of the luxury segment of the Austin real estate market. The 2014 Texas Luxury Home Sales Report showed a record 55% increase in the number of luxury homes that sold in Austin. Though 2015’s numbers didn’t double 2014’s numbers, they still increased by a solid 9% from an already high bar. This report compares Austin, San Antonio, Houston and Dallas with homes that sold for $1MM or more from January – October 2014.
Luxury Home Sales Make Up 2% of Austin’s Real Estate Market
Of the 23,700 homes that sold in Austin from January 1, 2014 – October 31, 2014, 479 (or 2%) sold for $1MM or more. Last year, we saw slightly fewer luxury home sales in comparison to the entire market, with a 1.9% market share.
Austin Has More Luxury Homes per Capita than Other Texas Cities
Luxury homes make up 2% of Austin’s real estate market, making Austin the winner in terms of number of luxury homes per capita compared to other Texas cities. Houston comes in a close second with 1.9% of its real estate market in the luxury category. Luxury homes in Dallas make up 1.2% of its real estate market and luxury homes in San Antonio account for 0.4% of its real estate market.
Austin Saw a 9% Increase in Sales Volume of Luxury Homes
Austin luxury home sales increased 9% in 2014, compared to the same time in 2013. Austin luxury home sales totaled 439 in 2013 and grew 9% to 479 in 2014. Though 2013 saw 55% more homes sales than in 2012, 2014 beat both years showing the continuing strength of the Austin luxury real estate market.
11% Increase in Number of Austin Luxury Homes for Sale
In October 2013, Austin had 453 active luxury homes for sale compared to 506 in October 2014, marketing an 11% increase in year over year numbers. Luxury homes in both years made up 8.2% of all active listings on the market in October, indicating the luxury market grew on pace with the rest of the market.
How Did the Luxury Real Estate Market Perform in Other Texas Cities?
Houston sold the highest volume of luxury homes priced at $1MM or more, with 1,194 home sales, compared to 926 in Dallas, 479 in Austin and 107 in San Antonio. Luxury homes were the only segment of the Houston market that increased active listings in year over year numbers. This was especially significant because the rest of the market saw fewer home sales. San Antonio saw the most aggressive growth in luxury segment of their market, increasing volume by 26%.
Download a Copy of the 2015 Texas Luxury Home Sales Report
Interested in the full report with info about the luxury home market in Austin, San Antonio, Houston and Dallas? Download it here.
Digger Deeper – Austin Luxury Home Sales
We thought we’d drill down and give you some additional info about the Austin luxury homes that sold between January – October 2014. All of the data below was pulled from ACTRIS, the Austin/Central Texas Realty Information Service or MLS as most know it as. We used the same time period (January – October 2014).
- 63% (302) of Luxury Home Buyers Got Loans
- 33% (160) of Luxury Homes Sold Were in Gated Communities
- 57% (272) of Luxury Homes Sold Had Pools
- 56% (267) of Luxury Homes Sold were in Homeowner’s Associations
- 0.4% (2) of Luxury Homes Sold were Foreclosures (Bank Owned)
- 5% (22) of Luxury Homes Sold allowed Horses
- 16% (76) of Luxury Homes Sold were Waterfront
- 4% (19) of Luxury Homes Sold backed to a Golf Course
- 45% (214) of Luxury Homes Sold had 1 Acre+ Lots
- 8% (38) of Luxury Homes Sold had 5 Acre+ Lots
- 5% (24) of Luxury Homes Sold had 10 Acre+ Lots
- 82% (392) of Luxury Homes Sold were in the city of Austin
- 1% (4) of Luxury Homes Sold were in the city of Driftwood
- 1% (5) of Luxury Homes Sold were in the city of Dripping Springs
- 1% (4) of Luxury Homes Sold were in the city of Lakeway
- 0.2% (1) of Luxury Homes Sold were in the city of Leander
- 0.4% (2) of Luxury Homes Sold were in the city of Round Rock
- 1% (5) of Luxury Homes Sold were in the city of Georgetown
- 0.2% (1) of Luxury Homes Sold were in the city of Kyle
Looking for the Best Austin Luxury Neighborhoods?
Check out our Best Austin Luxury Neighborhoods post. Not quite the neighborhoods you’re looking for? Try our Austin Neighborhood Finder. By answering a short survey about what you’re looking for, we can point you in the direction of neighborhoods that are more closely aligned with what you’re looking for.
Want to Keep Up with the Austin Market for Luxury Homes?
We have two tools that will assist you. If you are a home seller (or know a specific neighborhood/address) you’re most interested in, our Austin Home Values tool would be most helpful. This report will show you all market activity within a mile radius of your home or neighborhood. If you are a home buyer, or someone interested in a larger segment of the market, check out our Austin Real Estate Market Reports. These reports are run geographically and break the data down price price so you can see how the luxury market fits.
Ready to Buy or Sell An Austin Luxury Home?
We’re here to help! We know the luxury market and can help you interpret the market and make a smart real estate decision. Check out our Austin Home Buyers and Austin Home Sellers section to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.
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