Austin’s overall housing market has cooled under high mortgage rates and affordability pressure, but the high end is moving faster than starter homes. Austin Board of Realtors market research advisor Vaïke O’Grady said in August that luxury was the region’s fastest-moving segment. Unlock MLS data showed homes listed at $1 million or more averaged 58 days on the market in July, compared with 82 days for homes priced $250,000 to $300,000 — a 24-day gap. Homes in the $700,000–$800,000 range averaged 54 days; those between $800,000 and $900,000 averaged 52 days, the shortest of the groups cited.

That strength is also showing up in big projects. Four Seasons Private Residences Lake Austin, a long-planned residential resort west of the Pennybacker Bridge, secured an $870 million construction loan this summer. The broader metro market has been softer: August sales and median prices were down year over year, with high borrowing costs still weighing on entry-level buyers even when list prices ease.