Luxe Austin Homes - luxury homes

"Austin's luxury real estate market brought in $4.1 billion in 2024"

CultureMap Austin shares, "A new 2024 report from Texas Realtors has revealed the number of homes that sold in the state for $1 million or more increased 10 percent from last year to reach its second-highest peak ever recorded.

According to the report's findings — which calculated sales data from November 2023 to October 2024 — Texas' luxury real estate market accounted for $21.4 billion in economic activity. The period from November 2021 to October 2022 still holds the current statewide record, which is $22.6 billion.

A total 12,888 homes sold for at least $1 million during this time, which represented nearly 16 percent of all Texas residential home sales.

May 2024 was the busiest month for Texas' luxury home sales. Nearly 1,580 homes were…

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"Million-dollar markets: America's most expensive ZIP codes for housing"

Austin Business Journal writes, "California's 94027 stands alone when it comes to the nation's most expensive ZIP codes for housing.

The typical home value in 94027 - Atherton, which is located near San Francisco, was $7,711,460 in March 2024 — leading the way among all ZIP codes in America.

That’s according to research obtained for The Business Journals Wealthy 1000, a recent ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at numerous wealth metrics, including typical home value data from Zillow.

California's 94027 stands alone when it comes to the nation's most expensive ZIP codes for housing.

The typical home value in 94027 - Atherton, which is located near San Francisco, was $7,711,460 in March 2024…

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"Luxury home prices hit a new high, more 'starter' homes now cost $1M"

Austin Business Journal reports, "The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.

But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.

Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro areas, based on market value, while non-luxury homes are estimated to be in the 35th to 65th percentile based…

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"Affluent House Hunters in Austin, Texas, Are Finding an Opportunity—and ‘Even a Deal’"

Mansion Global writes, "Once the poster child for the pandemic housing boom, Austin, Texas, is seeing some of the nation’s steepest price declines for luxury homes, coupled with a growing supply of listings.

Luxury house hunters are now facing less competition and far more choice than even a year ago, marking an opportunity to buy before demand overwhelms supply again. There were 20% more luxury listings on the market in the greater metro area in the first quarter than a year ago, according to data from Realtor.com, which defines luxury as the top 10% of the market by listing price. 

“I have not seen this much great inventory in Austin in a long time, even since before the pandemic,” said luxury real estate agent Kumara Wilcoxon of Kuper…

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"Millions of homes are vacant in large cities across America"

Austin Business Journal writes, "there are millions of homes sitting empty across America at a time when inventory and affordability are squeezing the nation's housing market.

According to a recent analysis of U.S. Census Bureau 2022 American Community Survey data by LendingTree Inc., there are nearly 5.5 million vacant housing units in the nation's 50 largest metro areas. That puts the housing vacancy rate across those metros at about 8%.

But the reasons why millions of homes are sitting vacant at a time when the nation's housing market is starved of inventory and home prices remain high — the median price of new houses sold in August was $430,300, down slightly from $436,600 a month prior — are varied and nuanced.

The study found, on…

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"Luxury homes with hefty price tags rise in West Austin"

Austin Business Journal shares, "a new, gated luxury housing development is rising south of West Lake Hills.

The development itself may be small by most standards — five homes on 5.5 acres — but the size of the homes and their price point are not. The homes at Five, as the development is called, range from 6,700 to 8,900 square feet and list prices start at $12.5 million, according to Moreland Properties' Eric Moreland Group, which is marketing the homes for Houston-based developer Unicus Developments LLC.

Five isn't the sort of development that your typical Austinite could spring for, but it is the type of development that can serve a growing population of wealthy homebuyers as Austin's population continues to surge. Last year, the Austin metro…

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"Luxury homes replace church in Brentwood, a new normal juxtaposition for Austin"

Austin Business Journal writes, "a handful of new luxury homes have started hitting the market in Central Austin’s Brentwood neighborhood.

Brentwood Heights, as the community is called, is a 1.4-acre, eight-home co-development from Cascade Homes and Urbane Roost, and the luxury residences come with a hefty price tag: $1.6 million to $1.9 million, according to an Aug. 17 announcement.

It's a price point that even those already living in Brentwood may struggle to afford. But new luxury homes for sale right beside older and cheaper properties is the direction Austin is trending in, Ashley Jackson, 2023 president of the Austin Board of Realtors. The Brentwood area is located a few miles west of where U.S. Route 183 meets I-35.

Two of the homes…

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Austin's million-dollar home sales are rivaling Dallas, Houston

Million-dollar home sales in Austin have skyrocketed along with the rest of the market, coming neck and neck with luxury sales in Dallas and Houston.

The number of Austin's luxury sales from January-May 2022 was almost double the number of sales for the entire year of 2018, according to a report from the Texas Real Estate Research Center at Texas A&M University.

While Houston, Dallas-Fort Worth and San Antonio saw sales spike in 2021, luxury home sales had remained relatively stable before that.

The Dallas area still leads the charge on luxury real estate sales but the study says Austin is poised to surpass Houston soon. Austin’s population is one about one-sixth of the Houston metro area.

Researchers say year-to-date sales are…

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Austin builder unveils sleek prefabricated luxury homes starting at $600,000

A Buda homebuilder has brought a high-end approach to a type of housing that has often been lumped into the low-end category.

Escobedo Group has introduced a “panelized” construction system that enables a luxury home to be prefabricated and then installed on a homesite within roughly five months. So far, more than 70 of the company’s DARIO Villas homes have been built.

Over the years, prefab construction has frequently been associated with cheap, mass-produced housing. Following World War II, the British embraced prefab construction to address a severe housing shortage. Amid the 19th century’s California Gold Rush, prospectors relied on prefab homes to quickly provide shelter.

In recent years, prefab homes have gained fans as construction…

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Austin-Round Rock housing market returning to pre-COVID normalcy

New housing market data showing increased inventory and decreased residential home sales points toward a slowing housing market for the Austin-Round Rock Metropolitan Statistical Area.

The deceleration is bringing the Austin area housing market back "to pre-COVID normalcy," according to the Austin Board of REALTORS (ABoR).

“These numbers are a breath of fresh air for a housing market that has been holding its breath,” ABoR president Cord Shiflet said in a statement. “The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low interest rates and massive job growth created record-high housing demand in our market."

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