'The future is bright for Austin': Sotheby's International Realty CEO
Despite geopolitical tensions and uncertainty, the luxury real estate market is still showing some signs of life.
High-end home prices rebounded in the second-quarter of 2019, with the average sale price for those homes across the U.S. increasing 1% year over year to $1.64 million, according to Redfin. While the gain was modest, it was an improvement from the 1.7% drop in the first quarter, when prices declined for the first time in nearly three years.
Sotheby’s International Realty CEO, Philip White, is optimistic when it comes to consistency in the U.S. luxury market. “We’re seeing really good increases year over year in the top markets in Texas, which are Austin, San Antonio, Dallas, then Houston,” White said.
The Lone Star state is growing and has been attracting more tech giants looking to expand. Austin, Texas — now referred to as a mini Silicon Valley — has become a popular destination for millennials looking to make their next move.
“I think the future is very bright for Austin,” White said. “Anecdotally, there are a lot of people moving there. It’s a young market.”
The luxury market is seeing a resurgence in the Sunshine State, as well. “Florida is very strong this year, versus last year,” White added. He pointied to Naples, Destin, and Miami as some of the most desired locations among higher-paying homeowners.
Sarah Smith is a Segment Producer/Booker at Yahoo Finance. Follow her on Twitter @sarahasmith
Read more:
An author explains why you don't have to be young to make money
Away, Instagram's favorite suitcase brand, is now worth $1.4 billion
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit.
