Austin has unseated Dallas as the mansion capital of Texas.
The number of Austin home sales topping $10 million surged last year – the biggest percentage jump nationwide – according to a new Compass report featured in Austin Business Journal.
The Texas capital saw 11 homes trading for more than $10 million last year, for a total of $189 million. The number of homes sold marked a 450 percent increase from 2020. The entire Dallas-Fort Worth area only had 10 such sales.
Nationwide, more than 2,300 residential properties priced over $10 million changed hands across the top 30 markets analyzed by Compass — more than twice as many transactions as in 2020.
The Texas cities are home to some of the fastest growing housing markets in the U.S.
Demand in and around Austin, where East and West coasters are flocking thanks to a lower cost of living, an emerging tech sector and the Covid-era ability to work from home, has soared. In the ultra-luxury market, many high-priced homes are being sold without ever being seen on multiple listing services.
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Austin-based Compass agents Dara Allen and Gary Dolch predicted continued strength for Central Texas in 2022.
“I personally have buyers looking in the private market for over $10 million. This now includes luxury condos downtown, and even suburban neighborhoods with large lots and guard-gated communities,” said Allen.
Allen attributed working from home as one reason why homebuyers are looking for more space.
“The prioritization of more square footage, larger lots, luxury amenities, and privacy is sending buyers as far out as Spanish Oaks and Dripping Springs,” she said.
“We already see solid tailwinds for Q1 and Q2,” Dolch said in the report. “With limited supply and strong demand we are already receiving multiple offers.”
He went on to predict that the “luxury market in Austin takes another leg up with 20%+ appreciation year over year. We continue to see strong demand from our main feeder markets (California, New York, Chicago, and Florida).”
[Austin Business Journal] – Maddy Sperling