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.

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