Did you hear that Lance Armstrong’s house is now on the market? Maybe he knows it’s a good time to sell!
It’s no secret that the housing market in Austin, Texas is on fire. Prices have continued to climb, yet that’s not stopping homebuyers. The most active segment of the market are homes priced below $400,000 (these buyers usually go through a lender to borrow money to purchase) and over $800,000 (these buyers usually pay cash and close quickly).
Luxury Sales Skyrocket
It’s these high-end homes that have seen a significant increase in sales. In 2015, according to the Texas Association of REALTORS, sales increased 16.3 percent! So what are people paying for these luxury homes? About $397 per square foot. That’s a median price of $1,381,252. As of today, buyers have a limited selection of only 524 homes priced over $1,000,000.
Market Time Shortens
Not so long ago, luxury homes would sit on the market considerably longer than their counterparts. However, that is changing. In 2015 the average time on market was only 100 days, or two months longer than the average house.
Millionaires are Made
Combine this with the healthy increase in value of Austin homes, many homeowners are now finding themselves millionaires – in assets. According to a statement released by Jim Gaines, an economist with the Real Estate Center at Texas A&M University, homes that were valued at $800,000 to $900,000 just a few years ago, will now sell for over a million dollars.
Are you a millionaire and didn’t know it? Find out what your home is worth by contacting MacKenzie Realty for a free, no-obligation market analysis. You may be pleasantly surprised!