Luxury on Discount: Austin’s High-End Real Estate Market Enters Correction as Prices Fall 10%

While some luxury markets such as Los Angeles are heating up, others are cooling down rapidly.Listings at the luxury level—defined as the top 10% of the real estate market—have declined nationwide to $1,250,750 in July, down 2.7% year over year, the 28th straight month of annual decline, according to the latest Realtor.com® monthly luxury report.But some metros are sinking much faster than that. Austin, TX, posted the biggest drop in the country, its luxe entry threshold down 9.6% year over year to $1,262,726, more than three times the national pace.These are the top 10 metros seeing the steepest asking price declines at the luxury level:Austin, TX (-9.6%)Boston, MA (-8.64%)San Francisco (-8.61%)San Diego (-7.3%)Washington, D.C. (-7.0%)San Jose, CA (-6.9%)Oxnard, CA (-6.0%)Denver (5.9%)Charleston, SC (-5.5%)Bridgeport, CT (-5.5%)The silver lining is that these discounts may mean properties are moving faster. Nationwide, high-end homes took longer to sell in July than in June across every luxury tier—from the top 10% to the top 1%—which is typical for the midsummer season. But all tiers are seeing quicker sales than a year ago.Austin tops the luxe price cutsThe capital of the Lone S...