Why Millionaires Are Leaving Austin’s Top 5 List but Not the City

Austin Just Got Bumped from the Millionaire Rankings

According to a new report, Austin is no longer a top five U.S. city for millionaire residents. Scottsdale, Arizona has officially taken our spot.

That headline might sound like a loss, but what is really happening is more nuanced. Austin’s luxury housing market is not shrinking. It is evolving.

It’s Not a Fall. It’s a Filter.

Rising home prices, a cooling tech sector, and shifting migration patterns have changed how the wealthy engage with Austin. They are not walking away. They are just making more selective, purpose-driven real estate moves.

Instead of flashy flips or downtown status buys, buyers are leaning into thoughtful investments. Think Lakeway lakefronts, Bee Cave compounds, and Westlake estates with long-term upside.

One in Four Homes in Austin Is Already Luxury

Nearly 25 percent of Austin’s housing inventory is priced at one million dollars or more. That number is not shrinking. But the style of wealth that shows up here is changing.

Buyers now care more about privacy, acreage, and build quality than buzz or Instagram appeal. Austin’s millionaires are playing the long game.

Where Are the Millionaires Going?

Scottsdale topped the list for growth in millionaire residents, with West Palm Beach, Miami, and D.C. also rising fast. But that shift does not mean Austin is out of the game. It just means we are in a more mature phase of the luxury cycle.

What This Means for Sellers and Investors

If you own a high-end home in Westlake, Lakeway, or Bee Cave, your property still holds serious value. But the marketing strategy must match the new mindset of today’s luxury buyer. It is about story, intention, and lifestyle, not just square footage.

Wondering how to position your property in today’s shifting market?

Text me or DM any time. I’ll show you how smart money is still betting on Austin.

Photo credit: zillow.com