Eleven Oaks Realty is proud to present their February 2023 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. Our February 2023 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Number of Luxury Homes Listed for Sale Down 1%
In February 2023, there were 333 luxury homes introduced to the market compared to 335 in February 2022, marking a 1% (2 home) decrease in year over year numbers.
Austin Luxury Homes Under Contract Saw a 46% Decrease
In February 2023, 152 luxury homes went pending in the Austin area compared to 280 in February 2022, marking a 46% (128 home) decrease in year over year numbers.
40% Decrease in the Number of Luxury Home Sales in Austin
In February 2023, 105 luxury homes sold compared to 175 luxury homes in February 2022, marking a 40% (70 home) decrease in year over year numbers.
Austin Luxury Housing Inventory Up 517%
In February 2023, there was 6.5 months of inventory on the Austin luxury real estate market compared to 1.0 months in February 2022 marking a 517% (5.4 month) increase in year over year numbers. We are now trending towards a balanced market, which is a more normal luxury market for Austin.
Time to Sell Luxury Home in Austin Saw a 260% Increase
In February 2023, it took 70 days to sell a luxury home in Austin, on average, compared to 20 days in February 2022, marking a 260% (51 day) increase in year over year numbers. The median days to sell is 45, which is more representative of the actual time it takes to sell a luxury home after it is introduced to the market. Last month, the median time to sell was 55 days and 37 days the month before that.
Austin Median Luxury Home Price Saw an 11% Decrease
This month, the median home sale price of a luxury home in the Austin area saw an 11% decrease in year over year numbers. The median home price in February 2023, when you consider homes that sold for $1 million or more, was $1,275,000 compared to $1,438,000 in February 2022.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.
100% Increase in the Number of Homes on the Luxury Market
In February 2023, there were 1,209 luxury homes for sale in the Austin area, compared to 605 in February 2022, marking a 100% (604 home) increase in year over year numbers.
Number of Luxury Homes Taken Off the Market Saw a 138% Increase
In February 2023 there were 138 luxury homes taken off the market compared to 32 in February 2022, showing a 138% (44 home) increase in year over year numbers.
Luxury Supply Up 100% – Luxury Demand Down 40%
This month we saw a 100% increase in luxury housing supply (number of properties for sale) and a 40% decrease in luxury demand (number of sold properties).
Median for Sale Price Saw a 12% Increase – Median Sold Price Down 11%
In the Austin area, we saw a 12% ($170,000) increase in median for sale price of a luxury home, while the median sold price of a luxury home saw an 11% ($163,000) decrease in year over year numbers. The median for sale price of a luxury home was $1,595,000 in February 2023 compared to $1,425,000 in February 2022 marking a 12% increase in year over year numbers. The median sold price of a luxury home was $1,275,000 in February 2023 and $1,438,000 in February 2022, showing an 11% decrease in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2023 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in February 2023 were west of 130, south of 138, and north of 150 (with the exception of 1. Here is a map of the 105 Austin luxury homes that sold in February 2023.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in February 2023
More Data on Austin Luxury Home Sales February 2023
Here is some additional data on the 105 luxury homes that sold in Travis, Williamson and Hays Counties in February 2023. These 105 homes sold for $1 million or more.
- 0 luxury homes that sold were a Foreclosure (Bank Owned)
- 3 luxury homes were Waterfront
- 50 luxury homes were in the Austin ISD
- 7 luxury homes were in the Dripping Springs ISD
- 12 luxury homes were in the Eanes ISD
- 1 luxury home was in the Georgetown ISD
- 2 luxury homes were in the Hays ISD
- 9 luxury homes were in the Lake Travis ISD
- 14 luxury homes were in the Leander ISD
- 3 luxury homes were in the Round Rock ISD
- 0 luxury homes were in the San Marcos ISD
- 1 luxury home was in the Wimberley ISD
- 13 luxury homes were in Gated Communities
- 57 luxury homes were in HOA’s
- 38 luxury homes had Pools
- 19 luxury homes were on Septic Systems
- 80 luxury homes that sold were located in Travis County
- 13 luxury homes that sold were located in Williamson County
- 12 luxury home that sold were located in Hays County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in February 2023
February 2023 Luxury Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve listed the figures for February 2023 Austin area luxury home sales below. The most expensive luxury home that sold in February 2023 sold for $3,495,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 1,283 sqft – 6,369 sqft with an average size of 3,311 sqft. The average price per square foot for a luxury home that sold in Austin in February 2023 was $497.81 with the lowest being $222.17/sqft and the highest being $1,358.02/sqft. It took, on average, 73 days to sell a luxury home in Austin and sellers received, on average, 90.81% of their original list prices.
| | Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 2 | 1,283 | $1,009,990 | $227.54 | $1,000,000 | $222.17 | 69% | 53% | 0 |
| Max | 6 | 6 | 6,369 | $3,500,000 | $1,975.31 | $3,495,000 | $1,358.02 | 121% | 121% | 339 |
| Avg | 4 | 4 | 3,311 | $1,631,242 | $529.82 | $1,543,735 | $497.81 | 94.96% | 90.81% | 73 |
| Med | 4 | 4 | 3,154 | $1,389,879 | $488.83 | $1,275,000 | $463.22 | 95% | 92% | 45 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | February 2023 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 105 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
Luxury Homes for Sale Around Austin
Here is a map view of the 1,020 luxury homes currently for sale in the Austin area as of March 7, 2023. 737 are located in Travis County, 130 in Hays County and 153 in Williamson County.
Considering Buying or Selling a Luxury Home in Austin?
Our team of Austin luxury real estate market specialists know the market well and can help you get the best deal possible. For more info about our team and how we work, check out our Austin Home Buyers and our Austin Home Sellers sections. Then, call us at (512) 872-8323 or email us at info@11OaksRealty.com to schedule a consultation.
Questions About the February 2023 Austin Luxury Real Estate Price Report?
Do you have questions about the February 2023 Austin Luxury Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can.
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