MOVE OVER, MCMANSION

Austin settles into ranks of Texas cities selling homes over $10 million

J.J. Redick Austin home for sale 3001 Toro Ring St.

Five homes in Austin sold for more than $10 million in 2022, and the trend doesn't look like it's slowing down.

Photo courtesy of Engel & Völkers Austin

Austin is being redefined as a market for homes for the ultra-rich, according to a new report. The $10M+ National Luxury Report for 2022 from real estate brokerage Compass cites five local sales of homes over $10 million in 2022; that's only up one from the previous year, but there had been none in the years shown before that.

The report is for all sales in the area and based on MLS data.

Affluent areas in Austin have landed increasingly in wealth reports, like the richest cities in Texas as the benchmark for the 1 percent of highest earners in Texas rises. The Compass report acknowledges that the wealth of Austin transplants has permanently changed the real estate market.

DFW holds the top spot in Texas for the $10 million-plus category of home sales, with $145.79 million in sales volume (counting 11 houses over the $10 million mark). Austin totaled $55.95 million, and in Houston, just one home in this category sold last year.

So, how much did those uber-expensive homes go for? In Austin, it was just $11.99 million for buyer-represented sales, and $7.75 million for listing-represented sales. In Dallas-Fort Worth, the top market, it was $20 million and $14.65 million, respectively. The average price of a sale in this category was $11.19 million in Austin and $13.25 million in Dallas-Fort Worth.

"2022 continued to be a banner year for the high-end luxury market inAustin with most transactions occurring off-market," quoted the report of local real estate agent Dara Allen. "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.”

For a nationwide comparison, the top selling price was $56 million in Manhattan, $44.5 million in Greater Los Angeles, and $48.5 million in Palm Beach County, Florida.

The over-$10-million-homes number looks poised to rise in Austin as one community in Westlake plans for a development with homes starting at $12.5 million to be completed in 2024.

Dallas-Fort Worth, Houston, and Austin were the only areas included from Texas, and DFW easily bests its neighbors down south. This is one contest Austinites may want to keep losing.

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hottest headlines of 2024

Top Austin real estate stories of 2024 unlock hot suburbs, lavish homes

Photo by Mack Ramirez on Unsplash

It seems like everyone is hoping for lower housing prices as we move into 2025.

Editor's note: As 2024 comes to a close, we're looking back at the stories that defined Austin this year, including the red-hot topic of real estate. Austin's real estate market has seen some dramatic swings this year, but that's not all that happened. From Austin's suburbs continuing to boom to lavish estates hitting the market, here's a look at the hottest real estate headlines of 2024.

1. Annual Outdoor Living Tour returns for 2024 in Austin's 8 best backyards. The 2024 tour spanned a wide geography across Austin, including Travis Heights, Rollingwood, Allandale, and more.

2. Austin suburb's ZIP code stands out on new list of hottest U.S. housing markets in 2023. This Leander ZIP code was the 13th hottest market, showing that interest in the suburbs is as popular as ever.

3. Texas chef's Old West Austin home hits the market for $1.65 million. This home was originally built as a guest house in 1947, but has since been completely renovated with modern style.

1002 Baylor Street, Old West Austin, home for sale, Chef Lou Lambert The home is located above the street for privacy. Photo courtesy of James H Ruiz Photography

4. 5 Austin neighbors lauded as best small cities in America. Leading the pack were the northwest Austin suburbs of Leander and Cedar Park.

5. Drake suspected new owner of $15 million Dos Brisas ranch in Texas. Drake was reportedly the latest rap icon that can proudly say he's a Texan after purchasing this acclaimed 313-acre ranch in Washington, Texas.

6. 3 Austin neighbors shine on new list of America's safest suburbs. Cedar Park, Georgetown, and Round Rock have earned high praise for their livability and growth in recent years.

7. 6 hot Austin-area ZIP codes for first-time homebuyers in spring 2024. A local real estate expert shared his insight into the ZIP codes – from Kyle to Pflugerville – that received the most attention from first-time buyers.

8. South Austin 'entertainer's paradise' hits the market for $4 million. This 10,343-square-foot property comes with an expertly designed game room, a trendy golf simulator, an outdoor kitchen and lounge, a light up three-car carport, and much more.

9. This $4.85 million Hill Country ranch with its own lazy river is going wild on social media. The Lazy River Ranch in Boerne makes a splash with its many extravagant amenities.

227 Seewald Road, Boerne, Lazy River Ranch The Lazy River Ranch is at 227 Seewald Rd., Boerne. Photo courtesy of Kuper Sotheby's

10. Historic Greek mansion near Austin hits the market for just under $1 million. This Greek Revival mansion in Lockhart, built in 1907, was looking for a new owner to cherish its rich past.