At the beginning of the year the Texas Association of Realtors (TAR) released their annual report, which showed luxury real estate was on the rise in all the major metro markets. It’s a trend that’s been growing in recent years, thanks to the prosperous economy.
People from all over the country have been flocking to the Lone Star State, which has been a significant factor in the luxury market’s growth. California newcomers are used to paying luxury prices for real estate, so it’s no surprise that many are using their equity to move up to luxury homes.
Austin luxury home builders in particular have been busy trying to keep up with demand. According to the U.S. Census, the Austin area is the most educated and affluent of the four major Texas metros:
- 45.6% of the population have a bachelor’s degree or higher (state average 26.7%)
- Media household income is $53,946 (state average $51,900)
- Median home value is $220,500 (state average $128,900)
The strong job market, with a large percentage of white collar and skilled positions, is quickly establishing Austin as the place to be people that want an increase in pay and quality of life. Communities like Spanish Oaks that are located in the picturesque Hill Country are also appealing to California buyers that are used to having a spectacular view.
As for the future of Texas luxury real estate Austin is likely to see more growth than Houston given the decline of the oil market. Austin is also outpacing San Antonio and Dallas in population growth, which will keep the luxury market trending upwards.
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