Austin’s housing market continues to attract buyers with deep pockets.
In 2023, buyers represented by Compass real estate agents purchased three homes priced at $10 million or higher in the Austin area, totalling $34.4 million, the Austin American-Statesman reported, citing Compass.
Eight-figure, or “ultra luxury,” transactions were nearly unheard of in Austin until a few years ago. In 2019 and 2020, Compass recorded no such sales. The market broke open in 2021 and 2022, resulting in four transactions above the $10 million threshold each year.
Notably, Compass’ report excludes private off-market sales, which often have significantly higher asking prices than publicly marketed properties in the Multiple Listing Service database.
The highest-priced sale in 2023, for which a Compass agent represented the seller, reached $10.05 million in the West Lake Hills area. Jenny Walker had the listing.
Meanwhile, the highest-priced sale with a Compass agent representing the buyer involved a Spicewood home in western Travis County. Although the exact sale price was undisclosed, the property, represented by Damon Brown, was last listed at $7.75 million.
Beth Drewett, another Compass agent, highlighted the “pent-up demand” that’s projected to fuel Austin’s luxury market this year.
“In 2024, Austin will remain a magnet for diverse ultra-luxury buyers — tech entrepreneurs, entertainment elites and investors in pursuit of exclusivity,” Drewett told the outlet. “Their attraction stems from the city’s vibrant culture, strong economy and a lifestyle blending urban sophistication with nature.”
Brown attributed the city’s thriving ultra-luxury market to the sustained influx of high-net-worth, out-of-state buyers attracted to the Austin lifestyle. Despite the exclusion of off-market deals, “Austin’s allure as a haven for privacy and luxury living is driving the continued success of its off-market real estate sector,” he said.
Looking ahead, Walker expressed optimism following Compass’ acquisition of Realty Austin, foreseeing enhanced opportunities for affluent buyers and sellers in 2024.
—Quinn Donoghue
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