One million dollars used to be a benchmark for “luxury real estate.” But that’s not necessarily the case anymore.
AUSTIN, Texas — We’ve all seen the headlines: Austin’s real estate market is booming.
The median price for a home in the Austin-Round Rock area is currently $480,000. Four years ago, it was $301,000. That’s a 59% increase in less than five years.
And the shifting real estate market is changing which properties are considered “luxury real estate.”
In Austin, a $1 million price tag used to be the benchmark for a luxury property. But now $1 million could buy you a townhome near downtown or a teardown in other parts of town.