USA’s Houston State Sees Surge In Luxury Home Sales
With the recent release of Compass' 2023 Ultra-Luxury Report, which looks at houses sold for over $10 million nationwide in key markets, ultra-luxury home sales in Houston increased 75 percent from four sales in 2022 to seven sales in 2023. Total dollar value increased nearly 20 percent in 2023 for a total sales volume of $78 million. The local agents said that the recent year's 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. Luring companies to move into Texas and build headquarters in the Houston area has also helped market Houston's luxury homes. 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. 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, the report said. But not everything is rosy in the ultra-luxury real estate market. Austin, once one of the top places to purchase an ultra-luxury home, has seen a 23.4 percent decrease in sales in 2023, for an over $10 million drop in sales last year. The total sales volume in 2023 reached $34.4 million. However, real estate agents in the area remain optimistic, saying there's pent-up demand and that a forecasted decrease in interest rates in late 2024 and low inventories in Austin would further fuel demand this year. Of the three markets featured, Dallas-Fort Worth showed the greatest growth in 2023, with a 125 percent increase in sales last year and a total sales volume of $104 million. This area has seen a rapid rise in demand for ultra-luxury homes in comparison to prior years. Local buyers have moved into Highland Park and University Park, well-established luxury neighborhoods. The growth of this demand is also buoyed by new luxury construction.
Tags : ultra-luxury real estate market luxury construction Houston Austin