Realtor.com writes, "Home sales during this spring selling season have faced a slump—but one part of the market is bucking the trend. Luxury buyers are stepping up, and in at least one city, sales have doubled in a week.
Luxury real estate across the country continues to outperform the median, and the $1 million-plus category has been the fastest-growing (or least-declining) sales segment for nearly two years, according to the National Association of Realtors®.
"Higher-end homeowners have substantial equity and are less reliant on mortgage financing. These types of properties have outperformed," says Danielle Hale, chief economist of Realtor.com®.
And in the past week, the Austin, TX, high-end market has been heating up. There were 15 newly signed contracts for high-end properties in Austin for the week ending May 18—that's nearly double the week prior, when there were eight contracts signed.
The Eklund Weekly Luxury Report, which tracks all new signed contracts for homes above $2 million in Austin, found that the total volume of sales was $47 million from the 15 new single-family contracts. That's up $9 million from the previous week.
This amounts to an average of $683 per square foot. The days on the market increased from 67 to 81. The average sale price was $3 million, a 33% decrease from last week.
The luxury listing price threshold (defined as the 95th percentile price threshold) in Austin was $2.96 million in April.
"Austin offers luxury buyers plenty of home options in a bustling town known for its economic opportunities and appealing quality of life," says Hannah Jones, senior economic research analyst at Realtor.com.
"High-priced areas, such as the city of West Lake Hills, has attracted buyers looking for lots of space and idyllic views without sacrificing access to downtown."
These high-priced areas are also attracting big names, with Elon Musk famously buying a compound in the neighborhood.
Top of the list
The No. 1 contract for the week ending May 18 was a single-family home at 300 Stonewall Lane in the Westwood neighborhood, which had a list price of $5,995,000.
The five-bedroom, 5.5-bath home was built in 2024—that's when it was initially listed for $6,395,000. In February 2025, the price dropped to $5,995,000.
The home has all the bells and whistles one would expect in a luxury home: 28-foot ceilings, a wall of windows, and an indoor-outdoor living space. The dining room even comes with a wine room.
The home also features an enclosed dog run and a three-car garage. Outside, a pool and spa are complemented by a private lawn.
Big names are flocking to Austin
Austin is giving big cities like New York and Los Angeles a run for their money. The Texas state capital has become one of the fastest-growing cities for millionaires since 2013.
It's seen millionaire growth of 110% over the past decade, according the the USA Wealth Report 2024. The growing tech sector has earned Austin the nickname "Silicon Hills."
Tesla and Oracle are among the tech companies that have moved their headquarters to the city. Realtor.com recently relocated its corporate headquarters from Santa Clara, CA, to Austin.
Close to 12% of views of Austin's luxury home listings on Realtor.com in fall and winter 2024 came from Dallas, followed by Chicago (5.3%) and San Antonio, TX (4.6%), according to Jones.
Celebrities have also flocked to the city to invest in property. Most recently, an exclusive surfing community near the city broke ground. Surfer Kelly Slater is one of the famous figures behind the upscale development.
Matthew McConaughey, Drew Brees, and Tony Hawk are among those interested in the properties and membership at the Austin Surf Club. McConaughey is a Texas native and part owner of the MLS club Austin FC, and Brees, a former NFL quarterback, attended high school in Austin.
"Austin has long been the most expensive large metro in Texas, but its popularity ramped up during the [COVID-19] pandemic when high-earning households from other parts of the country flocked to the area in search of lower-priced homes and a generally lower cost of living than their home state," says Jones."
Source: Realtor.com
Written by: Joy Dumandan
Published: May 23, 2025
Posted by Grossman & Jones Group on
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