Another record-breaking year for Austin real estate is in the books, with the median home price surpassing $400,000 month after month. The market's luxury sector also saw impressive growth in 2019, according to a new report from Texas Realtors.
The number of luxury homes — those priced at $1 million or higher — sold in the Austin metro area increased 14 percent in the past year, to 1,085 homes sold. It's the highest percentage increase among the metros studied in the report, which looked at Texas home sales data from November 2018 through October 2019.
Those homes accounted for $1.7 billion in sales and 12.4 percent of all home sales in the Austin area.
As a whole, Texas saw a 4.4 percent increase in luxury home sales during the timeframe studied. A total of 5,149 homes sold for $1 million or more, resulting in $8.3 billion in sales, up 5.1 percent from the previous year.
Elsewhere in the state, San Antonio's luxury market saw a 10.8 percent increase in sales, but it remains relatively small. Only 211 homes were sold, totaling $319 million.
Luxury home sales in Houston-The Woodlands-Sugar Land grew 3.3 percent year-over-year, to 1,715 homes. They totaled $2.8 billion in sales for the area.
Dallas-Fort Worth experienced a slight 0.8 percent increase, but it still garnered the highest number of luxury home sales in the state. In total, 1,785 homes were sold in DFW to the tune of $2.9 billion.
The median price for a luxury home in the Lone Star State registers at $1,375,000, according to the report. Astoundingly, the average price per square foot for a luxury home is $384 — more than triple the norm for Texas.