AUSTIN, Texas — Austin has the most million-dollar homes in Texas!
That's according to Point2, an online marketing platform for real estate agents and brokers. So KVUE decided to check out houses in the Austin area to see what you can get for $1 million.
We explored homes in Leander, Lakeway and South Austin.
For context, from the start of the pandemic to 2022, the number of homes in Austin that cost more than $1 million tripled. Construction costs were historically high, inventory was low and out-of-staters rushed to Texas due to its loose COVID-19 regulations, willing to pay way over the house's asking price.
"People were fearful," said Bridget Ramey, an Austin real estate agent. "People were coming, and they were desperate. I do not feel that anymore.
Ramey is known for selling some of Austin's most expensive homes. She said the market is stabilizing, giving us a better picture of the quality of a million-dollar home in the Austin area.
"It doesn't mean that you walk in and you're going to feel luxury everywhere, but absolutely, it's still part of the luxury division," Ramey said.
We started about 40 minutes west of Downtown Austin in Lakeway. As of July, Redfin data shows the median home price of $835,000, down 11% year-over-year.
Before walking into the home, you can see a sign of inventory improvement with two brand-new homes side by side.
"If you know anything about where we were during the pandemic and inventory, you couldn't find one home, much less two next door to each other," Ramey said.
The two-story home we saw in the Rough Hollow community is 3,417 square feet with a lot of natural lighting, four bedrooms, and 3.5 bathrooms.
Ramey said people move to Lakeway for the school district and amenities.
"I don't know another one that has them," Ramey said. "So you have four pools. It's very resort-like. There's a lazy river. There is over 20 miles of hiking, biking, and you have Lake Travis access and so that's just unheard of."
While it's nestled in the beautiful Hill Country with picturesque views, you also get a pretty close view of your neighbor's back porch. This home was put on the market at the top of the year, originally listed at $989,990, but as of August, it's $15,000 cheaper.
A similar home in the area sold for $1,004,990 at the beginning of 2022.
"So, in this neighborhood, we're right at 14% below where we were during the height of the pandemic," Ramey said.
Next, we visited the booming area of Leander, about 45 minutes from Downtown Austin. Redfin says that as of July, Leander home prices were down 16.8% compared to last year, selling for a median price of $455,000.
This two-story home built in 2019 is in the Travisso community. It's 3,177 square feet, with five bedrooms, four full baths and a two-car garage.
"I think what's very interesting is if the closer you get to the center of Austin, you certainly do not get this," Ramey said. "You've got some nice views. You've got some yard space, and you go into the primary. You have two sinks that matter."
Ramey said in 2019, this home sold for $500,000. It was on the market in August for $999,999.
Let's head into the city where Ramey said you will get less space but get the convenience of living near downtown.
According to Redfin, in July, Austin home prices were down 9.94% compared to last year, selling for a median price of $571,000. It's more of an urban area, unlike the planned communities in the suburbs.
The home on Philco is 2,747 square feet, with a one-car garage, and plenty of natural light.
"Engineered hardwood floors, premium appliance package," Ramey said. "There are so many things you hope you see in a new construction that you don't always get."
The home has four bedrooms, all upstairs, and 3.5 bathrooms. Something different than the other homes, this one has a third floor.
"So it could be a playroom, it could be an office," Ramey said. "She's even got her yoga mats here and then you still have another designated bedroom. They have it set up as an office."
In August, this home was on the market for $1,099,000. In late 2022, a comparable home sold for $1,285,000.
"I just think that we're becoming a more normal Austin, and it's still far better than the rest of the world," Ramey said.
So it's clear that in the last year, prices haven't changed drastically. But Ramey expects the market to shift into a buyer's market as inventory rises.