Austin's Luxury Home Sales Plunge

Austin's Luxury Home Sales Plunge

Luna Esposito
1 min read

Luxury Home Sales Decline in Austin's High-End Real Estate Market

Austin's luxury real estate market saw a sharp decline in high-end home sales last week, with only three properties priced above $2 million securing contracts, down from 14 the previous week. The highest sale was a $4.2 million modern mansion in Westlake, reduced by $795,000 since April, featuring four bedrooms, four bathrooms, and a pool overlooking Barton Creek. The second highest was a 5,120 square-foot, five-bedroom home in Westlake, originally listed at $4.5 million and sold for $3.8 million after several price cuts. The third property, a 4,800 square-foot home near Pennybacker Bridge, sold for $3.4 million and includes five bedrooms, five bathrooms, and a pool with Hill Country views.

These three sales totaled $11.4 million, averaging $779 per square foot, with an average market duration of 75 days. This significant drop in luxury home sales highlights a challenging period for Austin's high-end real estate market.

Key Takeaways

  • Austin's most expensive home sold for $4.2 million after a $795,000 price cut.
  • High-end Austin home sales struggled, with only three contracts above $2 million.
  • Average deal volume was $11.4 million at $779 per square foot.
  • Homes averaged 75 days on the market before selling.
  • Price reductions were common, with some homes cutting asking prices multiple times.


The decline in Austin's high-end home sales likely stems from economic shifts and buyer hesitancy, impacting sellers and real estate firms. This may lead to short-term effects such as lower revenues and longer market times, and long-term consequences could involve market repositioning and potential consolidation in the luxury real estate sector. Financial instruments tied to real estate, including REITs, may also experience volatility.

Did You Know?

  • Westlake: A prestigious suburb of Austin known for its high-end real estate and exceptional school districts, sought-after for its proximity to downtown Austin and serene, scenic environment.
  • Pennybacker Bridge: A popular spot for sightseeing and photography, offering scenic views of Lake Austin and the surrounding Hill Country.
  • Compass and Moreland Properties: Prominent real estate brokerages in the Austin area, known for their expertise in luxury real estate transactions.

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