Luxe Living

Million-dollar home sales heat up the Austin real estate market

Million-dollar home sales heat up the Austin real estate market

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Austin experienced an astounding 16.3 percent increase in sales of luxury homes in 2015. Photo courtesy of HomeAway

Austin home sales reached a record high in 2015, thanks in no small part to million-dollar listings. According to a new report from the Texas Association of Realtors, Austin experienced an astounding 16.3 percent increase in sales of luxury homes — those priced at $1 million or more — in 2015.

From January through October, 585 of the 27,001 houses sold in Austin were luxury listings. The median price was a whopping $1,381,252, about $397 per square foot. While Austin's million-dollar sales skyrocketed, these homes were on the market for an average of 100 days, two months longer than the average Austin home.

Texas' three other largest housing markets — Dallas-Fort Worth, Houston, and San Antonio — also saw a major uptick in luxury home sales, which can be attributed to the state's rising prices.

"Rising home prices across the state are also pushing more higher-end homes into the luxury market. Many homes priced in the $800,000 to $900,000 range a few years ago will now sell for more than a million," Jim Gaines, an economist with the Real Estate Center at Texas A&M University, explained in a statement.

Houston had the highest volume of luxury sales statewide (1,284 sold), a 4.5 percent increase from 2014. Dallas-Fort Worth experienced a 12.4 percent increase in sales and had the most expensive luxury homes ($1.4 million on average) overall.

Luxury homes in San Antonio made up a tiny 0.5 percent of the city's sales, but the market saw a 36.4 percent increase in luxury home sales from the previous year.