The $4 Billion Austin Luxury Real Estate Analysis: Where 2,701 Million-Dollar Homes Sold in 2025
allen@shipmanpartners.com
Published January 28th, 2026
TL;DR: 2026 Austin Luxury Market Highlights
The $4B Market: In 2025, 2,701 homes sold for over $1M in the Austin metro, representing a permanently elevated “new normal” that is 136% larger than pre-pandemic levels.
The Luxury King: Westlake (78746) remains the undisputed leader with 255 sales and a staggering $2.43M average price.
The “Flight to Quality”: Established central zip codes (78703, 78731, 78746) are gaining market share as buyers prioritize location and value retention over suburban acreage.
New Construction Hotspot: South Austin (78704) leads the city in luxury new builds, with over 26% of its million-dollar sales being brand-new homes.
The Condo Kingdom: Downtown (78701) is strictly high-rise luxury, where 97.3% of million-dollar transactions were condominiums.
2026 Outlook: While volume has cooled from the 2022 peak, pricing in top-tier neighborhoods remains resilient, driven by corporate relocations and a limited supply of “trophy” properties.
If you thought Austin’s luxury real estate market was slowing down, the 2025 numbers tell a very different story. Last year, 2,701 homes sold for over $1 million across the Austin metro area, representing a staggering $4+ billion in total transaction volume. That’s nearly one in every ten home sales in Austin crossing the seven-figure threshold.
While the overall Austin market saw an average sales price of $574,558 across 29,520 transactions, luxury buyers were operating in a completely different arena. The average million-dollar home sold for $1.49 million, or 2.6 times the citywide average. But here’s what really stands out: this luxury market wasn’t evenly distributed. In fact, just five zip codes captured 39% of all million-dollar sales, and the top ten accounted for 57%.
So where exactly are Austin’s wealthy buyers putting down roots? I’ve analyzed every million-dollar transaction from 2025 and mapped out the complete picture. Whether you’re considering a luxury purchase, thinking about selling your high-end property, or just curious about where Austin’s real estate wealth is concentrating, this data-driven breakdown reveals some fascinating patterns.
The heat map below shows how many million dollar homes sold by zip code. Click a zip code to get the details.
The Clear Winner: Westlake Dominates Austin's Luxury Market
If there’s one zip code that defines Austin luxury real estate, it’s 78746. This prestigious area encompassing Westlake Hills, Rollingwood, and parts of Barton Creek absolutely dominated 2025’s luxury market with 255 million-dollar sales. That’s more than any other zip code in the metro area.
But volume is only part of the story. With an average sales price of $2.43 million, 78746 also ranks as the second-most expensive market in Austin. The exclusivity factor here is remarkable: 86.4% of all home sales in this zip code exceeded $1 million. In practical terms, if you’re buying in Westlake, you’re almost certainly writing a seven-figure check.
The crown jewel transaction? A stunning $10.9 million sale that underscores the area’s appeal to Austin’s most affluent buyers. Properties here averaged 0.68 acres with 71 days on market, suggesting steady demand even at these price points.
What makes 78746 so desirable? The combination is hard to beat: walkable neighborhoods with mature trees, proximity to downtown Austin, top-rated Eanes ISD schools, and quick access to Lady Bird Lake and Zilker Park. You’re paying for location, established character, and a lifestyle that blends urban convenience with residential tranquility.
The Big Five: Austin's Top Luxury Zip Codes
While 78746 leads the pack, four other zip codes complete Austin’s luxury powerhouse lineup:
78738 - Bee Cave: 251 Sales, $1.66M Average
Just four sales behind Westlake, Bee Cave’s 78738 zip code proves that luxury buyers are willing to head west for more space. With an average lot size of 0.68 acres and an average price nearly $800,000 less than 78746, this area offers compelling value for buyers seeking hill country views and newer construction. In fact, 26 of the 251 luxury sales were new builds, accounting for 10% of the market.
78704 - South Austin/Bouldin Creek: 206 Sales, $1.79M Average
South Austin’s 78704 surprised many by landing the third spot with 206 million-dollar sales. This historically eclectic neighborhood is experiencing a dramatic transformation. Here’s the tell: 54 of those sales were new construction, representing over 26% of luxury transactions. That’s the highest raw number of luxury new builds in Austin.
The appeal is obvious. You get a South Congress address, walkability to some of Austin’s best restaurants and shops, and you’re minutes from downtown. Developers have been tearing down older bungalows and replacing them with modern, architect-designed homes that command premium prices. With smaller 0.22-acre average lots, buyers are clearly paying for location over land.
78731 - Northwest Hills: 172 Sales, $1.70M Average
Northwest Hills continues its reign as one of Austin’s most established luxury markets with 172 sales. The 78731 area offers the perfect middle ground: close to downtown (15 minutes without traffic), excellent schools, and that sought-after Central Austin zip code. With 56.6% exclusivity (meaning more than half of all sales exceed $1 million), this is decidedly upscale territory.
Homes here averaged just 50 days on market, the fastest of the top five luxury zip codes. Buyers recognize value when they see it, and Northwest Hills properties at an average of $1.70 million represent strong positioning in Austin’s luxury hierarchy.
78703 - Tarrytown: 168 Sales, $1.95M Average
Rounding out the top five, Tarrytown’s 78703 commands the highest average price of this group at $1.95 million. With 67% exclusivity, this is where Austin’s established wealth has long resided. The zip code encompasses Tarrytown, Pemberton Heights, Bryker Woods, and Old Enfield, neighborhoods known for their tree-lined streets, architectural diversity, and proximity to downtown and the University of Texas.
Interestingly, 78703 shows significant condo appeal with 19 luxury condo sales, suggesting a subset of buyers who want the prest of the zip code in a lock-and-leave format.
Currently Available Million-Dollar Homes in Austin's Top 5 Luxury Markets
Central Austin's Luxury Dominance
When you combine the core Central Austin zip codes (78701, 78702, 78703, 78704, 78705, 78731, and 78746), the concentration of wealth becomes even more apparent. These seven zip codes alone accounted for 953 million-dollar sales in 2025, representing 35.3% of the entire metro’s luxury market. The average price in these central neighborhoods was $1.79 million.
This isn’t surprising given that Austin’s job centers, entertainment districts, and cultural amenities remain firmly rooted in the urban core. For buyers who prioritize walkability, short commutes, and the quintessential Austin lifestyle, paying a premium for central locations makes perfect economic sense.
Downtown's Condo Kingdom: The 78701 Story
Now for something completely different. While most luxury buyers pursued single-family homes with yards and space, downtown Austin’s 78701 zip code carved out its own niche as the undisputed king of luxury condos.
Of the 74 million-dollar sales in 78701, an astounding 72 were condominiums. That’s 97.3% of the luxury market. Only two were single-family homes. With an average price of $1.85 million and an average days-on-market of 135 days (the highest in the dataset), downtown luxury condos cater to a specific buyer: someone who wants the urban lifestyle, doesn’t want yard maintenance, and values amenities like concierge service, fitness centers, and often spectacular city views.
The longest market times suggest these properties require the right buyer. At nearly $2 million average, you’re often looking at the penthouses and premium units in buildings like The Austonian, 70 Rainey, or The Independent. This is a lifestyle purchase as much as a real estate transaction.
Beyond 78701, 78703 captured second place in luxury condos with 19 sales, and 78746 rounded out the top three with 18 condo sales. But nobody comes close to downtown’s dominance in the luxury condo segment.
Available Million-Dollar Condos in Austin's Top Condo Markets
The Exclusivity Factor: Where Million-Dollar Homes Are the Norm
One of the most revealing metrics is what I call the “exclusivity factor,” which measures what percentage of ALL home sales in a zip code exceed $1 million. This tells you whether you’re in a truly exclusive luxury enclave or a mixed market.
The top five most exclusive zip codes paint an interesting picture:
- 78746 – Westlake: 86.4% – Nearly nine out of every ten sales
- 78703 – Tarrytown: 67.2% – Two-thirds of all sales
- 78733 – Steiner Ranch: 67.0% – Luxury lake living
- 78730 – Riverplace: 60.5% – Hill country exclusivity
- 78619 – Driftwood: 59.5% – Rural luxury on large acreage
These are markets where the million-dollar threshold isn’t aspirational, it’s standard. If you’re shopping in these zip codes, expect most homes you see to start with a seven-figure price tag.
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New Construction's Luxury Footprint
Where are builders focusing their million-dollar new construction efforts? The data reveals some interesting patterns. A total of 364 new luxury homes sold in 2025, representing 13.5% of the million-dollar market.
The top five zip codes for luxury new construction:
- 78704 – South Austin: 54 new builds (26% of zip’s luxury sales)
- 78737 – Belterra: 33 new builds (32% of zip’s luxury sales)
- 78730 – Riverplace: 32 new builds (43% of zip’s luxury sales)
- 78738 – Bee Cave: 26 new builds (10% of zip’s luxury sales)
- 78702 – East Austin: 26 new builds (43% of zip’s luxury sales)
What’s particularly interesting is the variation in new construction as a percentage of luxury sales. In 78730 and 78702, nearly half of all million-dollar sales were new builds, indicating significant teardown and redevelopment activity. Meanwhile, in established 78738, new construction represents just 10% of the luxury market.
The outlier award goes to 78745 (South Austin/Sunset Valley), where 72% of luxury sales were new construction. With only 29 total million-dollar sales in the zip, this represents targeted builder activity in a transforming market.
Land, Land, Land: The Acreage Advantage
For buyers seeking space, certain zip codes delivered significantly more land per dollar. The top five by average lot size for million-dollar properties:
- 78612 – Cedar Creek: 57.7 acres average ($1.35M avg price)
- 76537 – Jarrell: 50.2 acres average ($1.96M avg price)
- 78644 – Lockhart: 38.4 acres average ($1.13M avg price)
- 78653 – Manor: 35.7 acres average ($2.15M avg price)
- 76574 – Taylor: 28.2 acres average ($1.0M avg price)
These are the ranch and gentleman farm markets, where buyers are prioritizing land over location. For $1-2 million, you’re getting true acreage, though you’re also accepting longer commutes to Austin’s urban core (typically 45-90 minutes).
On the opposite end, urban luxury buyers in 78701 averaged just 0.02 acres (essentially the footprint of a condo tower), while 78703 averaged 0.20 acres and 78704 came in at 0.22 acres. You’re paying for location, not land.
Million-Dollar Homes on Acreage: For Buyers Seeking Space
The Speed Factor: Where Luxury Homes Sell Fastest
Days on market reveals where demand most exceeds supply. The five fastest-selling luxury markets in 2025:
- 78722 – Hyde Park: 11.7 days average (6 sales, $1.35M avg)
- 78750 – Anderson Mill: 16.8 days average (50 sales, $1.27M avg)
- 78739 – Bee Cave West: 23.7 days average (42 sales, $1.21M avg)
- 78721 – East Austin: 26.8 days average (5 sales, $1.07M avg)
- 78613 – Cedar Park: 34.1 days average (33 sales, $1.23M avg)
These fast-moving markets share a common characteristic: they represent relative value in the luxury space. At average prices ranging from $1.07M to $1.35M, these are the “entry point” million-dollar markets where competition remains fierce.
Compare this to the slowest-selling luxury market, 78701 downtown, where condos averaged 135 days on market. The $1.85 million average price and very specific lifestyle appeal means these properties need to find exactly the right buyer.
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Record-Breaking Sales: The Ultra-Luxury Tier
While average prices tell one story, the highest individual sales reveal Austin’s true ultra-luxury ceiling. The top sales price in the top 5 zip codes of 2025:
- 78732 – Spicewood/Briarcliff: $13.95 million
- 78746 – Tarrytown: $10.90 million
- 78733 – Steiner Ranch: $8.50 million
- 78736 – Driftwood/Dripping Springs: $7.70 million
- 78620 – Dripping Springs: $7.60 million
The nearly $14 million sale in 78732 stands alone as Austin’s highest transaction of the year. This lakefront and hill country area west of Austin continues to attract buyers seeking privacy, views, and significant acreage. The zip code’s average luxury sale was $1.67 million, making this record sale more than eight times the local average.
The Hill Country Premium: West Austin and Beyond
Several zip codes west and southwest of Austin proper demonstrated that buyers will pay premiums for hill country character. 78735 (Westlake/Rob Roy) commanded the highest average price in the Austin metro at $2.61 million across 60 sales.
78733 (Steiner Ranch) averaged $2.07 million, while 78746 came in at $2.43 million. These three zip codes form Austin’s ultra-premium tier, where average prices exceed $2 million.
The common thread: all three offer either hill country views, lake access, or both, combined with relative proximity to Austin’s employment centers and top-rated schools.
Suburban Luxury: The Volume Markets
While central Austin commands the highest prices, several suburban zip codes demonstrated significant transaction volume in the luxury space:
- 78738 – Bee Cave: 251 sales at $1.66M average
- 78641 – Leander: 111 sales at $1.26M average
- 78620 – Dripping Springs: 117 sales at $1.41M average
These markets offer a compelling proposition: million-dollar budgets buy significantly more house and land than in central Austin, with the tradeoff being longer commutes. For buyers working remotely or willing to drive, the value equation often makes sense.
Suburban Luxury: Million-Dollar Homes with More Space for Your Money
What the Data Tells Us About Austin's Luxury Market
After analyzing all 2,701 transactions, several clear patterns emerge:
Location Still Reigns Supreme. The most expensive zip codes are those closest to downtown Austin with established character. You’re not just buying a house, you’re buying into a neighborhood with history, walkability, and convenience.
The Luxury Market Is Bifurcated. There’s the $1.0-1.5M market (entry luxury), the $1.5-3M market (established luxury), and the $3M+ market (ultra-luxury). Each tier operates with different dynamics and buyer profiles.
New Construction Drives Transformation. Zip codes like 78704, 78702, and 78730 are experiencing significant redevelopment, with older homes being replaced by modern, high-end new builds.
Buyers Will Trade Location for Space. The suburban and exurban markets prove that plenty of luxury buyers prioritize acreage over urban convenience.
Condos Serve a Specific Niche. With only 158 luxury condos sold across the entire metro (5.8% of luxury sales), this remains a small but important segment concentrated almost entirely downtown.
The Market Moves Efficiently. With an average of 71 days on market for luxury homes, properly priced properties find buyers relatively quickly even at seven-figure price points.
The 10-Year Perspective: Austin's Luxury Market Evolution
Austin’s million-dollar home market has undergone a remarkable transformation over the past decade. In 2016, just 695 homes sold for over $1 million across the entire metro area, representing total sales volume of $1.1 billion. By 2025, those numbers had nearly quadrupled to 2,701 sales with a combined volume of $4.6 billion. However, the story isn’t one of steady linear growth. Instead, the data reveals a dramatic pandemic-era surge followed by a measured recalibration that still leaves the market well above pre-2020 levels.
The pandemic years of 2021-2022 marked the absolute peak of Austin’s luxury boom. In 2022, a record 3,378 million-dollar homes changed hands with a staggering $5.5 billion in total volume. This represented nearly a 200% increase from 2019’s pre-pandemic baseline of 1,146 sales. The frenzy was driven by a perfect storm of factors: remote work migrations, historically low interest rates, intense competition for limited inventory, and Austin’s emergence as a major tech hub. Every top luxury zip code experienced explosive growth during this period, with some suburban markets like 78620 (Dripping Springs) and 78641 (Leander) growing more than 500% from their 2019 levels.
The market correction from the 2022 peak has been significant but measured. The 2025 market sits 20% below peak transaction volume and 17% below peak dollar volume. However, this “correction” still represents a luxury market that’s 136% larger than pre-pandemic 2019 in both transaction count and dollar volume. Rather than a crash, we’re seeing normalization at a permanently elevated level. What’s particularly notable is the divergent performance among top markets. While 78746 (Westlake) surged 43% from its 2022 count to become the clear market leader in 2025, other previously hot markets like 78641 (Leander) pulled back 39% from peak. This reflects a flight to quality and location, with established central Austin zip codes gaining market share at the expense of more distant suburban markets.
Looking at the volume charts reveals another important insight: while transaction counts have normalized somewhat, total dollar volumes have remained remarkably resilient. This indicates that average prices in the luxury segment have continued to climb even as sales velocity has moderated. The Austin luxury market has matured from a pandemic-fueled buying frenzy into a more selective, quality-focused market where prime locations command increasing premiums. For sellers in top-tier zip codes, this means sustained pricing power. For buyers, it suggests that waiting for dramatic price corrections in established luxury markets may be a losing strategy, as these neighborhoods have proven their value retention even as the broader market has cooled.
Looking Ahead: Austin's Luxury Market in 2026
As we move through 2026, several factors will shape Austin’s luxury market:
Continued Population Growth. Austin remains one of the fastest-growing metro areas in the United States. High-earning professionals continue relocating here, providing a steady stream of qualified luxury buyers.
Interest Rate Environment. While rates affect all price points, luxury buyers often have more flexibility with all-cash purchases or significant down payments that minimize rate impacts.
New Construction Pipeline. With 364 luxury new builds in 2025, developers clearly see demand. Watch for continued teardown and redevelopment activity in central Austin zip codes.
Corporate Relocations. As more companies establish Austin headquarters or significant offices, executive-level relocations will continue driving demand at the high end.
Infrastructure Development. Projects like the expansion of MoPac, improvements to 183, massive I-35 expansion through downtown, and potential future transit options will affect relative desirability of various luxury markets.
Final Thoughts: Understanding Austin's Luxury Landscape
Austin’s 2025 luxury real estate data reveals a market that’s simultaneously concentrated and diverse. While five zip codes dominate transaction volume, buyers can find million-dollar properties across 57 different zip codes spanning urban penthouses to rural ranches.
For sellers in established luxury markets like Tarrytown, Westlake Hills, and Bee Cave, the data demonstrates sustained demand and strong pricing power. For buyers, understanding the trade-offs between location, space, and price becomes critical to making informed decisions.
Whether you’re drawn to the urban energy of downtown condos, the established elegance of central Austin neighborhoods, the hill country character of western suburbs, or the space and land of exurban markets, Austin’s luxury landscape offers options at every price point above $1 million.
The key is working with professionals who understand these distinct markets, can provide data-driven insights, and bring the marketing expertise needed to either find or sell luxury properties effectively.
About Shipman Partners
Shipman Partners is a boutique family-owned real estate brokerage serving the Austin metro area since 2010. We bring an analytical, client-focused approach to luxury real estate, combining decades of experience with hands-on market knowledge. Whether buying or selling, we’re committed to providing personalized service and data-driven guidance.
Contact us today to discuss your luxury real estate needs in Austin.
Data Source & Methodology
The data presented in this analysis comes from sold listings reported through Unlock MLS, the multiple listing service operated by the Austin Board of Realtors. This comprehensive dataset covers 72 zip codes representing the majority of the Austin Metropolitan Statistical Area (MSA) and includes all luxury home sales that closed during the 2025 calendar year. It’s important to note that this analysis reflects MLS-reported transactions only. Private sales that occurred off-market and were not reported through Unlock MLS are not included in these figures. While care has been taken to ensure data accuracy, minor discrepancies may exist due to system reporting variations or human error in the original listings. For buyers and sellers, this means the actual number of million-dollar transactions may be slightly higher when accounting for off-market deals. However, MLS data provides the most comprehensive and reliable view of Austin’s luxury real estate market, representing the vast majority of transactions at this price point.