The inventory of Houston homes priced at $1 million and above was recently up by nearly 30 percent year-over-year, as wealthy buyers are taking a cautious approach. “The slowdown in the Houston (luxury) market is a knee-jerk reaction from buyers due to all the attention on low oil prices,” according to Redfin agent Tara Waggoner in a recent release. Heading into March it appears luxury home supply could continue to expand in Houston. Accounting for a portion of this inventory growth will be larger, $3 million-plus mansions, some of them historic, others relatively newly built. Mega-mansion hits the market in Houston John Daugherty Realtors recently listed a 21,000-square-foot mansion outside of Houston in Morgan's Point. The 1927-built estate, dubbed "Texas White House" is being listed for $5.995 million. The mansion was built by the founder of Humble Oil Company and sits on six waterfront acres along Galveston Bay. According to the listing page, the nine-bedroom,...
- A number of homes larger than 20,000 square feet are on the market.
- The largest supply of $3 million to $5 million homes exists within the Woodlands, Tanglewood, Rivercrest and Memorial submarkets.
- The average sale price for the most expensive five percent of homes in Houston is $1.4 million.
Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel