Dallas and Houston could draw a lot of attention in Texas when it comes to luxury real estate. After all, Texas’s two largest regions are also home to most of the state’s millionaires and billionaires. But in 2019, Austin Big D and Bayou City stole the limelight from a luxury home.
A new report from Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury Program ranks Austin among the top four top performing luxury real estate markets in the country in 2019. The others are Arlington, Virginia; Malibu, California; and San Diego.
In a February 19 release, Coldwell Banker announced that Austin and the top three performers “had the top 10 percent of 2019 luxury sales evenly distributed. Their selling prices compared to other luxury markets made them one of the top performers in the industry over the past year. “In the Austin market, the annual sales pace for homes over $ 2 million has increased 45 percent since 2015, according to the report.
The report found that the strong demand for single-family luxury homes and luxury condominiums on-site was driven by high-paid employees from tech companies like Amazon, Apple, Dell, and Facebook.
Last year, 1,135 single-family luxury homes were sold in the Austin area within the top 10 percent of residential property sales, the report said. For luxury condominiums in the 10 percent category, 265 were sold in 2019.
The median listing for a single family home in the 10 percent category was $ 1,499,725, while the median retail price was $ 1,257,884, the report said. The highest list price was a staggering $ 37.5 million and the highest retail price was $ 8,442,500.
Among the condos in the 10 percent category, the median list price was $ 915,000 and the median retail price was $ 744,625, according to the report. The highest list price for a condo was $ 6,995,000 while the highest list price was $ 4.1 million.
Downtown Austin is particularly popular with luxury shoppers, the report said.
“The downtown inventory is only half a month,” said Daniel Foreman, a sales representative at Coldwell Banker United Realtors in Austin, in the report. “On the first day you are usually in a situation with multiple offers that are above the price.”
Demand for luxury real estate is also high along Lake Travis and Lake Austin, as well as in Georgetown and Round Rock, the report said.
“Lake Travis is one of our strongest markets, with sales exceeding $ 1 billion in 2019,” says Foreman. “It’s very popular with families and people who prefer suburban bliss over the hustle and bustle of downtown.”
While Austin was a top performer in 2019, the report lists Fort Worth as one of the top five luxury markets to see in 2020. The others are Boise, Idaho; Charlotte, North Carolina; Cincinnati; and Colorado Springs, Colorado.