Eleven Oaks Realty is proud to present their March 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 March 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 Up 7%
In March 2023, there were 597 luxury homes introduced to the market compared to 560 in March 2022, marking a 7% (37home) decrease in year over year numbers.
Austin Luxury Homes Under Contract Saw a 34% Decrease
In March 2023, 259 luxury homes went pending in the Austin area compared to 395 in March 2022, marking a 34% (136 home) decrease in year over year numbers.
40% Decrease in the Number of Luxury Home Sales in Austin
In March 2023, 259 luxury homes sold compared to 395 luxury homes in March 2022, marking a 34% (136 home) decrease in year over year numbers.
Austin Luxury Housing Inventory Up 343%
In March 2023, there was 4.6 months of inventory on the Austin luxury real estate market compared to 1.0 months in March 2022 marking a 343% (3.6 month) increase in year over year numbers. We are now trending towards a balanced market, which is more normal for the Austin luxury market. Still an improvement for sellers from the buyers markets we had for years.
Time to Sell Luxury Home in Austin Saw a 275% Increase
In March 2023, it took 53 days to sell a luxury home in Austin, on average, compared to 14 days in March 2022, marking a 275% (39 day) increase in year over year numbers. The median days to sell is 29, 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 45 days and 55 days the month before that.
Austin Median Luxury Home Price Saw a 2% Increase
This month, the median home sale price of a luxury home in the Austin area saw a 2% increase in year over year numbers. The median home price in March 2023, when you consider homes that sold for $1 million or more, was $1,400,000 compared to $1,375,000 in March 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.
84% Increase in the Number of Homes on the Luxury Market
In March 2023, there were 1,573 luxury homes for sale in the Austin area, compared to 854 in March 2022, marking an 84% (719 home) increase in year over year numbers.
Number of Luxury Homes Taken Off the Market Saw a 147% Increase
In March 2023 there were 116 luxury homes taken off the market compared to 47 in March 2022, showing a 147% (69 home) increase in year over year numbers.
Luxury Supply Up 84% – Luxury Demand Down 47%
This month we saw an 84% increase in luxury housing supply (number of properties for sale) and a 47% decrease in luxury demand (number of sold properties).
Median for Sale Price Saw a 14% Increase – Median Sold Price Up 2%
In the Austin area, we saw a 14% ($199,900) increase in median for sale price of a luxury home, while the median sold price of a luxury home saw a 2% ($25,000) increase in year over year numbers. The median for sale price of a luxury home was $1,599,900 in March 2023 compared to $1,400,000 in March 2022 marking a 14% increase in year over year numbers. The median sold price of a luxury home was $1,400,000 in March 2023 and $1,375,000 in March 2022, showing a 2% increase in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2023 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in March 2023 were west of 130 (with the exception of 2), south of 138, and north of 150 (with the exception of 1). Here is a map of the 172 Austin luxury homes that sold in March 2023.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2023
More Data on Austin Luxury Home Sales March 2023
Here is some additional data on the 172 luxury homes that sold in Travis, Williamson and Hays Counties in March 2023. These 172 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 6 luxury homes were Waterfront
- 70 luxury homes were in the Austin ISD
- 13 luxury homes were in the Dripping Springs ISD
- 19 luxury homes were in the Eanes ISD
- 9 luxury homes were in the Georgetown ISD
- 0 luxury homes were in the Hays ISD
- 19 luxury homes were in the Lake Travis ISD
- 20 luxury homes were in the Leander ISD
- 8 luxury homes were in the Round Rock ISD
- 0 luxury homes were in the San Marcos ISD
- 3 luxury homes were in the Wimberley ISD
- 24 luxury homes were in Gated Communities
- 93 luxury homes were in HOA’s
- 73 luxury homes had Pools
- 53 luxury homes were on Septic Systems
- 130 luxury homes that sold were located in Travis County
- 26 luxury homes that sold were located in Williamson County
- 16 luxury home that sold were located in Hays County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2023
March 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 March 2023 Austin area luxury home sales below. The most expensive luxury home that sold in March 2023 sold for $9,295,500 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 1,236 sqft – 8,357 sqft with an average size of 3,522 sqft. The average price per square foot for a luxury home that sold in Austin in March 2023 was $501.80 with the lowest being $175.92/sqft and the highest being $3,123.77/sqft. It took, on average, 59 days to sell a luxury home in Austin and sellers received, on average, 92.6% of their original list prices.
| | Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 2 | 1,236 | $925,000 | $203.90 | $1,000,000 | $175.92 | 76% | 60% | 0 |
| Max | 7 | 8 | 8,357 | $9,990,000 | $3,123.77 | $9,295,500 | $3,123.77 | 119% | 119% | 365 |
| Avg | 4 | 4 | 3,522 | $1,780,025 | $525.24 | $1,700,411 | $501.80 | 96.16% | 92.6% | 59 |
| Med | 4 | 4 | 3,454 | $1,495,000 | $463.51 | $1,397,500 | $432.70 | 96% | 94% | 29 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2023 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 172 |
| 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 April 5, 2023. 865 are located in Travis County, 163 in Hays County and 168 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 March 2023 Austin Luxury Real Estate Price Report?
Do you have questions about the March 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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