Condos aren't the only piece of the local real estate market heating up right now. According to Realty Austin, luxury homes are also a hot commodity.
Realty Austin released an infographic comparing luxury home sales (those with a price tag of more than $1,000,000) from May 2014 to sales from May 2013, showing growth in several key areas.
In May 2014, 67 luxury homes sold in Austin, a 28 percent increase over homes sold the previous May. But it wasn't just the number of sales that increased. Luxury home buyers paid an average of $20 more per square foot, increasing the average price per square foot to $339 and resulting in overall higher home prices.
The average price of a luxury listing increased to $1,717,669 ($152,849 more per home), and the median price increased to $1,445,000 ($112,500 more per home). That trend, however, is not unique to the luxury market.
As a whole, the local real estate market witnessed an eight percent increase in average and median sales prices in May 2014, bringing the average Austin home price to $325,926.