Markets & Economy

Houston luxury homes sales surpass the rest of the state

Monthly luxury home sales figures have declined for four straight months
  • The West University/Southside, The Woodlands and Bellaire markets contribute the most Houston luxury sales.
  • Luxury home sales activity has recently been declining on a monthly basis.
  • Luxury home prices in Houston recently dipped 7 percent on a year-over-year basis.

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Of the four major Texas metros, Houston luxury homes sales were the highest during a recent 10-month period. According to the Texas Association of Realtors (TAR), a total of 1,284 homes sold for at least a $1 million spanning January to October 2015. This total equated to a 4.5 percent rise in luxury transactions on a year-over-year basis. According to the Houston Association of Realtors, during the 10-month period the Houston submarkets that contributed the most luxury sales where: West University/Southside - 96 sales The Woodlands - 74 sales Bellaire - 69 sales Memorial West - 44 sales Heights/Greater Heights - 42 sales Rice/Museum District - 23 sales Braeswood Place - 22 sales Energy Corridor - 19 sales Galleria - 18 sales These figures would lead one to believe that Houston's luxury market is booming; however, other data eyeing late luxury sales and price appreciation paint a different picture. Since last September the number of $500,000 to $1 mi...