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Luxury home sales booming in the Austin area

According to the latest Texas Luxury Home Sales Report, sales of homes worth $1 million or more increased nearly 24%.

AUSTIN, Texas — Home sales are surging, but one of the biggest areas of growth in our area is multimillion-dollar homes.

According to the latest Texas Luxury Home Sales Report, sales of homes worth $1 million or more increased nearly 24%.

Austin is outpacing every other major Texas city. It takes on average 71 days to sell one of these luxury properties in Austin, compared to 78 in Dallas, 79 in Houston and 133 in San Antonio.

Most real estate agents tell KVUE demand is the driving force.

"Priced right and in great condition, with our great location, there are usually multiple offers. Some don't even hit the open market. There's a lot of networking that goes on among top agents. So that doesn't even hit MLS or Zillow or some of these other traditional sites the buyers might ordinarily go to in hopes of finding something. So really in the luxury market, they're having to work with agents who are connected and know of what's coming on the market," said Austin Realtor Eric Copper.

The luxury market saw a huge influx of buyers in the last half of 2020. However, the inventory for even these luxury homes is starting to slide in Austin.

A healthy housing market usually has six months' worth of housing inventory. According to the latest data, Austin has 3.9 months' worth of luxury home inventory, compared to seven months in Dallas, 10.3 months for Houston and 12 months for San Antonio.

Home sales in the Austin area are soaring, with most people in the lower price points receiving multiple offers. One agent told KVUE a home recently sold in the Brushy Creek area in the $300,000 range and ended up with 93 offers.

Realtors tell us most of the luxury buyers are coming from out of state, places like California. Others are people from other countries looking to capitalize on the growth happening in Austin despite the pandemic.

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