AUSTIN, Texas — Austin saw an unprecedented surge in home sales of its priciest real estate, according to a report real estate brokerage Compass Inc.
The report says Austin had the biggest percentage increase in $10 million-plus sales (450%) nationwide. Eleven homes were sold for more than $10 million and combined for $189 million of total sales volume, which is up 562% year-over-year, according to the report. Austin's highest Compass sale was worth $11.6 million.
The report analyzed 30 different markets from California, Colorado, Connecticut, the DMV, Florida, Hawaii, Idaho, Massachusetts, New York, New Jersey, Pennsylvania, Texas, Washington and Wyoming.
Austin and Dallas-Fort Worth were the only Texas cities included in the report. The report states that in 2020 "most, if not all" the sales were homes located on Lake Austin and it "largely held true for 2021." The $10 million price tag is being seen more outside of the lakefront properties, however, according to the report.
"In the luxury market, we are projecting a very strong 2022 overall in Austin and Central Texas," Gary Dolch, Compass real estate agent said. "We are already seeing strong tailwinds for Q1 and Q2 with limited supply and strong demand as we have received multiple offers on our listings in early January."
Dara Allen, another Compass real estate agent, said in the report that she has buyers in the private market looking for $10 million-plus real estate in luxury condos downtown and in suburban neighborhoods with large lots and guard-gated communities.
"In 2022, we will see more properties in this price range listed in the MLS than ever before," Allen said. "Buyer disbursement from Central Austin is a major factor to consider this year. The prioritization of more square footage, larger lots, luxury amenities and privacy is sending buyers as far out as Spanish Oaks and Dripping Springs."
Dallas-Fort Worth (DFW) saw 10 homes sold with a $10 million-plus price tag, which is a 66.67% increase year-over-year. DFW's total sales volume in 2021 raked in $115 million, a 68.05% increase year-over-year. Dallas' highest Compass sale was worth $11.9 million.
The cities with the highest number of $10 million-plus deals made were Los Angeles and Manhattan, to no surprise. There were 628 Los Angeles homes sold for $10 million or more, and 326 Manhattan transactions.
For a look at the full report, click here.
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