Homes worth more than $1 million sold at a faster pace last year in the Austin-area than they did 2013. In a new report, the Texas Association of Realtors says "luxury home sales" were up by 9 percent between January and October. That amounted to 479 homes sold.
Those homes make up a small fraction of the overall housing market, just two percent of the 23,700 places sold over the time period. Homes over $1 million are also taking longer to sell -- five months, on average -- compared to an average of 40 days for the Austin market as a whole.
One factor driving demand is the migration of people to Austin from cities where housing is more expensive. About two Californians move to Texas for every Texan who moves to California, according to the Texas Association of Realtor's relocation report, which blends U.S. Census Bureau data with information from U-Haul.
"Those people sell their home in California, move to Texas and realize their money goes much further in our market," housing economist Jim Gaines of Texas A&M University's Real Estate Center said in a statement.
So how far does $1 million go in the Austin-area housing market? It could get you this 3,500 square foot four-bedroom home in Spicewood with views of Lake Travis. Or how about this five-bedroom home with 4,784 square feet in Bee Cave? If you're looking for something more central, here's a two-bedroom condo in the W in downtown Austin with 1,400 square feet selling for just above $1 million.
