Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
A recent analysis by real estate firm Compass found that sales of Houston homes priced at more than USD 10 million surged by 75% last year, even as higher mortgage rates and inflation slowed the broader luxury market. According to Compass' 2023 Ultra-Luxury Report, ultra-luxury home sales rose from four sales in 2022 to seven sales in 2023. Total dollar value increased nearly 20% in 2023 for a total sales volume of USD 78 million.
Sales of homes priced over USD 1 million in the city fell 8.4% last year, according to the Houston Association of Realtors. The local agents suggest that this success is due to the seller's marketing strategies, such as using private jets and yachts to advertise Houston as a great place to live. The efforts to attract companies to Texas have also played a role in marketing luxury homes in Houston.
Real estate experts think that demand for ultra-luxury homes is expected to remain strong, and dismissed forecasts of a luxury housing crash this year. Buyers are expected to continue to seek huge acres of property in the best parts of the city.
As per the report, in 2024, buyers are expected to look for health-focused features like cold-plunge pools and infrared saunas along with smart home automation and outdoor areas including sports courts and impressive outdoor spaces.
However, not all luxury real estate markets are thriving. Austin, once a top destination for ultra-luxury home purchases, saw a 23.4% decline in sales in 2023. Real estate agents in the area remain optimistic, citing pent-up demand and anticipating a decrease in interest rates in late 2024, along with low inventories, which they believe will drive demand this year.
Of the three markets analyzed, Dallas-Fort Worth showed the most significant growth in 2023, with a 125% increase in sales and a total sales volume of USD 104 million. The area experienced a surge in demand for ultra-luxury homes, especially in well-established luxury neighborhoods like Highland Park and University Park, with new luxury construction contributing to the overall growth.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
