Austin among top ten cities with real estate listings above 1 million

[closetohumping 17482]

No real surprises here, maybe NYC is a bit lower than I thought?

https://www.nbcsandiego.com/news/business/money-report/5-u-s-cities-where-more-than-half-the-homes-for-sale-cost-over-1-million-4-are-in-california/3261705/?fbclid=IwAR2tGKwvZ2stdF1vGhUv5GIseKS3NwYOcvducMnI4INN3pqxKVqnhX_D5GM

1. Los Angeles

Percentage of listings above $1 million: 64%

Percentage of listings above $5 million: 12%

Median home sale price: $926,000

2. San Francisco

Percentage of listings above $1 million: 62%

Percentage of listings above $5 million: 7%

Median home sale price: $1.3 million

3. San Jose, California

Percentage of listings above $1 million: 61%

Percentage of listings above $5 million: 1%

Median home sale price: $1.2 million

4. San Diego

Percentage of listings above $1 million: 59%

Percentage of listings above $5 million: 8%

Median home sale price: $910,000

5. Boston

Percentage of listings above $1 million: 53%

Percentage of listings above $5 million: 9%

Median home sale price: $799,000

6. New York

Percentage of listings above $1 million: 41%

Percentage of listings above $5 million: 7%

Median home sale price: $740,000

7. Seattle

Percentage of listings above $1 million: 34%

Percentage of listings above $5 million: 2%

Median home sale price: $830,000

8. Denver

Percentage of listings above $1 million: 27%

Percentage of listings above $5 million: <1%

Median home sale price: $576,000

9. Washington, D.C.

Percentage of listings above $1 million: 26%

Percentage of listings above $5 million: 2%

Median home sale price: $660,000

10. Austin, Texas

Percentage of listings above $1 million: 25%

Percentage of listings above $5 million: 2%

Median home sale price: $550,000

[Macanudo 13018]

NYC is lower because of the high volume of multi-family rentals.   I bet it dwarfs LA or SF in that category.

[jimmyjazz 46268]

Median sales price tells Austin's story of "affordability".  Whenever I make the point that Austin is a relatively affordable city, I get a ton of pushback from locals.  Yes, prices have climbed a lot over the past couple of decades.  They have done so everywhere.

[We’reTexas 1473]

 

[HookEm 2468]

This stat depends heavily on how you define "city".  Austin is actually the 10th biggest city in the US.  So it makes sense it would also be among the top-10 cities with listings over $1M. 

On the other hand, the Austin metro area is only around the 30th biggest metro area in the US.  If we are a top-10 metro area in $1M listings but only top-30 in size, then that would paint a very different picture.

[closetohumping 17482]

35 minutes ago, HookEm said:

This stat depends heavily on how you define "city".  Austin is actually the 10th biggest city in the US.  So it makes sense it would also be among the top-10 cities with listings over $1M. 

On the other hand, the Austin metro area is only around the 30th biggest metro area in the US.  If we are a top-10 metro area in $1M listings but only top-30 in size, then that would paint a very different picture.

Yes, but this is based off of percentage, not total numbers.  Houston proper is still larger than Austin proper

[Samson's Wig 3195]

I see a ton of listings in the $1M - $1.5M range sitting on the market for months now in Austin.   A lot of it is delusional sellers reaching retirement in older homes who missed their opportunity to sell during the pandemic and are still clinging to hope that they'll sell for a premium that doesn't exist anymore.  Many of these properties are sub $1M in reality.  Most buyers in that range will still be taking out a mortgage, and the prices aren't reflecting the reality of current interest rates.  If you take all of those stupidly priced listings and bring them back to reality Austin might drop out of the top ten.