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Austin is the city in Texas with the most million-dollar homes

KVUE spoke to two Realtors who said many homes that were valued at $500,000 and $600,000 are now worth $1 million. High demand and short supply is driving prices up.

AUSTIN, Texas — The Austin housing market remains competitive, and as the days go on, house prices continue to go up. The number of homes valued at more than $1 million tripled in the last two years. 

In Central Texas, the percentage of million-dollar homes is growing faster than in any other city in Texas. This includes Dallas, Houston and San Antonio. 

President at Austin Board of Realtors Cord Shiflet said housing prices will continue to go up because supply isn't meeting demand. 

"If I were to look back just two years ago, you know, homes that were six or $700,000 homes are million-dollar homes today," said Shiflet. "So, we've just we've seen great appreciation over the past few years."

A recent report from real estate company Redfin said that, in Austin, the share of million-dollar homes in 2020 was about 3.9%. In 2021, it reached just over 12.3%

Despite the price hikes, the Central Texas market isn't slowing down.

"It used to be million-dollar homes would take a couple of months to sell," added Shiflet. "Now, we're seeing them sell within about 30 days on average."

Realtor Joe Stewart said he's sold many million-dollar homes.

"You have to stop and take a really good look at what we call luxury now because that word needs to change and what we put a price to," said Stewart. "A million-dollar home, in my opinion, is really not luxury homes."

Stewart said the threshold should be anything above $3 to $4 million to be considered luxury. 

If you're looking to buy a $300,000 home, Stewart suggests looking outside Austin. 

"I can take you ... to Bastrop or Buda or Kyle or Liberty Hill," he said. "Out in the outskirts, because that's where two couples that work can pay that kind of price."

And when you have your eye on a home, make sure you move fast. 

"The lower in the price you go, the faster those homes are selling," said Shiflet.

Shiflet said to not lose hope. This year he's already seen about 10 homes being sold for less than $300,000 in Cedar Park, Del Valle and Manor.

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