Austin Market Guide

How much does a luxury home cost in Austin in 2026?

In the 12 months ending September 2026, 3,186 homes sold for $1 million or more across the Austin MLS, about 9% of all sales. The median luxury sale was $1.25 million in the $1–2M tier and $6.15 million above $5 million, at $393 to $939 per square foot.

12 months ending September 2026

3,186 $1M+ sales, 12 mo.
9.2% Of all Austin-area sales
$1.87M Median sale, Westlake 78746
$939 Per sq ft above $5M

What counts as a luxury home in Austin?

Most Austin agents and lenders treat $1 million as the luxury threshold, and the numbers back that up: out of 34,713 single-family, condo and townhome sales across the Unlock MLS region in the last 12 months, only 3,186 closed at $1 million or more. The overall median sale price was $417,000.

What each price tier buys

  • $1M to $2M: 2,472 sales, median $1,252,600, about $393 per square foot. Typically a renovated or newer home in Central or West Austin, or a larger home on acreage farther out.
  • $2M to $3M: 438 sales, median $2,350,000, about $601 per square foot. Tarrytown, Westlake and Rob Roy new builds and major renovations.
  • $3M to $5M: 219 sales, median $3,650,000, about $746 per square foot. Waterfront, Spanish Oaks, and the largest Westlake and Tarrytown estates.
  • $5M and up: 57 sales, median $6,150,000, about $939 per square foot. Lake Austin waterfront and gated estates.

Where the money goes, by ZIP code

Westlake (78746) led the region with a $1,868,500 median across 310 sales, and 80 of those closed above $3 million. Tarrytown and Old West Austin (78703) followed at $1.3 million on 223 sales and $614 per square foot, the highest price per foot of any major ZIP outside downtown. Downtown condos in 78701 sold at a lower median ($631,250) but at $680 per square foot. See Westlake home prices and downtown luxury condos.

How fast luxury homes sell

Homes between $1M and $2M went under contract in a median 34 days. Above $3 million it took 59 to 74 days, and buyers paid 93% to 95% of the final list price. Read how long a luxury home takes to sell for the full breakdown.

Source: MJ McFarland's analysis of Unlock MLS (ACTRIS) closed sales of single-family homes, condos and townhomes, October 2025 through September 2026. Leases excluded. Figures are medians unless noted.

Frequently Asked Questions

What is the median price of a luxury home in Austin?

Across the Austin MLS, homes that sold for $1 million or more in the 12 months ending September 2026 had a median price of $1,372,500, and most sales sat in the $1M to $2M tier, where the median was $1,252,600. The upper tiers were far thinner: 438 sales between $2M and $3M, 219 between $3M and $5M, and 57 above $5M.

How much is a house in Westlake, Austin?

In Westlake (ZIP 78746) the median sale price was $1,868,500 over the 12 months ending September 2026, across 310 sales of houses, condos and townhomes. 266 of those sold for $1 million or more, 80 for $3 million or more, and the top sale closed at about $12.1 million. The median price per square foot was $565.

What is the price per square foot for luxury homes in Austin?

It rises steeply with price. Austin-area homes between $1M and $2M sold for a median $393 per square foot in the 12 months ending September 2026, $601 between $2M and $3M, $746 between $3M and $5M, and $939 above $5M. Location moves it as much as size does: Tarrytown (78703) averaged $614 per foot against $283 in the Bee Cave and Lakeway ZIP 78738.

Are Austin luxury home prices going down?

Luxury buyers have negotiating room right now rather than falling prices across the board. In the 12 months ending September 2026, $1M+ Austin homes closed at a median 93.6% of their original list price, and 41% had at least one price reduction before selling. Homes that were priced right from day one sold at 96.9% of their original price in a median 14 days.

How many homes over $1 million sell in Austin each year?

About 3,200. Unlock MLS recorded 3,186 sales of single-family homes, condos and townhomes at $1 million or more in the 12 months ending September 2026, 9.2% of the 34,713 total. Roughly three quarters of them were between $1M and $2M.

What should I budget beyond the purchase price for an Austin luxury home?

Plan for property tax, insurance and any HOA. Texas has no state income tax, so property tax carries more of the load: the combined rate inside Austin commonly lands around 1.7% to 2.2% of taxable value, depending on the taxing units. On a $2 million home that can mean $35,000 or more a year before exemptions. Our property tax guide walks through the homestead exemption and the 10% cap.

Work With MJ

(512) 717-1567 [email protected]

MJ McFarland, Principal | Broker Associate
Christie's International Real Estate · 1105 N Lamar Ste 100, Austin, TX 78703
TX License 07001832 (TX)