High-rollers continue to drop their cash in Houston's luxury housing market, refusing to let inflation or high mortgage rates curb their appetite for status-symbol homes. Despite a broader slowdown in the real estate sector, the city's homes valued at over $10 million are selling like hot cakes, Compass reports. Last year, Houston saw a 75% surge in such sales, bucking a trend that saw luxury home sales overall dip 8.4%, per data from the Houston Association of Realtors.
Ultra-luxury home sales jumped to seven transactions totaling an impressive $78.08 million. For a city not typically equated with Beverly Hills-level opulence, these figures are noteworthy, especially given the absence of such deals in 2020 and 2021, according to Houston Chronicle. Houston might be no match for the likes of Manhattan or Miami when it comes to ultra-premium living spaces, but local highflyers are evidently staking their claims in the luxury property game.
The Chronicle highlights one property, 3 Briarwood Court, which is on the market for a record $27.5 million. Pursuant to brokerage associate Robert Bland, this mansion could shatter previous records if it sells at listing price. It appears that the city's elite—comprising energy professionals, doctors, and attorneys—are active contributors to the high-end market's growth.
It's not just old money clamoring for these mansions. Realtors are using private jets and yachts to draw in corporate bigwigs, helping pitch Houston as a prime spot for opulent living, as per a report by Chron.com. High-net-worth individuals in Houston, currently numbered at 255, are expected to increase by 47% in the next decade. Meanwhile, Austin's market for these mansions saw a 23.4% dip last year, though agents maintain a positive outlook for the Texas capital.
In contrast to its Austin counterpart, Dallas-Fort Worth enjoyed a staggering 125% boost in ultra-luxury home sales last year, with a total sales volume of $104 million, signifying a strong local demand for fancy digs. As Tom Hughes, a real estate agent from Compass Dallas, told Chron.com, the luxury market in North Texas is "expected to maintain its momentum" despite financial pressures that might sag other sectors.
