Texas Is One of 10 Hottest Luxury Real Estate Markets in America

House prices are rising, companies are expanding, and Texas is getting a lot of new people coming in every day.

Business is booming in the Lone Star State, so it makes sense that there's a need for those at the top of the heap to be on the lookout for places to live, work, and play.

According to realtor.com, Texas is one of top 10 hottest luxury real estate markets in the United States.

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What's a Luxury Market?

Rankings are based on the number of unique viewers looking at home listings, as well as how long properties were on the market.

The faster homes move, the hotter the market.

Realtor.com only considered the most expensive 1% of homes in these markets, and markets usually include the main city and surrounding areas.

The Top 10 Luxury Housing Markets

Remember, the concept of 'luxury' real estate is also based on the actual buyer, not just the marketplace.

A high-end home in parts of the Southeast or Midwest might barely make it as a starter home in the priciest areas of the coast.

Here's the full list:

10. Prescott, AZ

9. Salt Lake City, UT

8. Portland, ME

7. Austin, TX

6. Barnstable Town (Cape Cod), MA

5. Wilmington, NC

4. Hilton Head Island, SC

3. Sebastian, FL

2. San Luis Obispo, CA

1. Kahului, HI

How Austin Made The Top 10 List

The capital of Texas has been drawing big companies like Tesla to relocate their headquarters, along with many others.

One of the incentives to purchase real estate in Texas? No state income tax.

As buyers fight over the limited supply of homes on the market, prices continue to rise.

In January, the median price tag in the Austin metro area was up 28% for homes of all price tiers, according to realtor.com.