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Luxury homes are worth a million dollars or more. In fact, these properties help us understand local real estate mark climates. If luxury homes take longer to sell, it indicates a particularly downshifting economy.
According to the 2016 Texas Luxury Home Sale Report, luxury home sales increased 16.3 percent from 2014. The average home, in this price range, sold for approximately 1.3 million. Interestingly enough, it only took an average of 100 days to sell a home. That’s just over three months! That’s a remarkably fast pace for any home to sell.
Clearly, the Austin market is strong and thriving! If high-priced properties sell quickly, non-luxury homes will likely experience quick sales. There are buyers out there willing to make that commitment.
Don’t forget our client appreciation event is on April 2nd from noon to 5 p.m.! We’ll have a barbeque, bounce house, and other gifts at Brushy Creek Park. Also, if you’re thinking of buying or selling a home, please reach out to me by phone or email!