As the tech industry explodes in central Texas and increasingly affluent populations migrate to the region, cities like Austin now find themselves entering a new era of mega-rich residents and homes of an entirely new caliber to suit them.
In the latest $10M+ National Luxury Report from real estate brokerage Compass, 2022 reportedly saw five homes selling in Austin for over $10M. This number came to four in 2021, and zero in every year prior.
“2022 continued to be a banner year for the high-end luxury market in Austin with most transactions occurring off-market,” said Dara Allen, local real estate agent to Culture Map. “Austin remains a high-demand destination for those who seek both more space and more favorable tax situations, with buyers coming from California, NY, Canada, Chicago, Boston, Georgia and even Europe. … I believe that Austin will continue to be a destination of choice for many luxury buyers in the years to come.”
Taking the top spot in Texas for $10M+ homes sold was DFW with eleven, totaling to $145.79M in sales volume and averaging around $13.2M each. Austin’s five sales totaled at $55.95M, averaging around $11M per home. In 2022, Houston had one home sold in this category.
While DFW may lead the state in luxury listings for now, the next few years could see Austin coming for the top spot, with new communities like Unicus’ FIVE breaking ground in Westlake and offering homes starting at a whopping $12.5M by next year. Whether this change would be welcome to most is difficult to say, but it’s no doubt that the Austin of the near future could have a very different landscape than we’ve ever seen before.