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Luxurious Living

As Austin's real estate market heats up, so do its luxury listings

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The number of luxury home soled in Austin increased by 28 percent in May 2014 over May 2013.  Photo by Piston Design

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. 

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