The number of Austin home sales topping $10 million surged last year, according to a new report from real estate brokerage Compass Inc.

Austin logged the biggest percentage jump nationwide in $10 million-plus sales, with 11 homes trading at that level last year, a 450% increase from 2020, the report said. The 11 homes sold for a combined $189 million, up 562% year over year.

Most of the trophy homes in Austin are trading off-market and located on Lake Austin, the reports state.

The 11 home sales tracked in Austin one-ups the entire Dallas-Fort Worth metroplex, which clocked 10 such sales last year, according to Compass.

Nationwide, over 2,300 residential properties priced over the $10 million mark changed hands across the 30 major markets Compass analyzed — more than twice as many transactions as in 2020.

More than $40 billion was spent on mansions and estates priced above $10 million, the report said, a 138% increase from 2020.

Los Angeles recorded the most ultra-luxury sales, with 628 over $10 million, or 27% of the total nationwide. L.A. totaled $10.6 billion in ultra-prime property sales, a 90% increase in transaction volume and a 97.5% jump in sales volume compared to 2020.

Manhattan was next in sheer number of deals, with 326 transactions above $10 million, followed by Palm Beach, Florida, with 203.

Gary Dolch, a Compass agent in Austin, predicted continued strength for Central Texas in 2022.

“We already see solid tailwinds for Q1 and Q2,” he said in the report. “With limited supply and strong demand we are already receiving multiple offers. As good as it’s been here, we think we’re still in the early days with at least a five-year runway ahead of us, especially in executive estates, waterfront, and ranch properties.”

The Article is from Austin Business Journal, copyright belongs to owner

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