Houston's luxury housing market is just as popular as other segments of the housing market. Luxury home sales increased almost 50 percent from the time period between January and October 2013, according to research released by the Texas Association of Realtors.
Luxury homes are considered those priced $1 million and up. Houston experienced the second highest increase among Texas’ four major metro areas, according to the report.
“Data from the Texas Luxury Home Sales Report shows that million-dollar homes are playing an increasingly important role in the Texas housing market,” said Dan Hatfield, chairman of the Texas Association of Realtors, in a statement. “The housing slump is behind us and as Texas’ economy and population continue to accelerate, we’re going to see increasing development and demand in larger, higher-priced homes with luxury amenities.”
Some points highlighted in the report include:
· 1,060 Houston luxury homes were sold between January and October 2013.
· Luxury home sales made up 1.7 percent of all Houston home sales during this time period.
· Luxury homes were the second fastest-growing price class in the Houston housing market during this time period.
· Luxury home sales increased 46 percent from the same time frame in 2012, more than double the 19 percent year-over-year increase of the Houston housing market as a whole.
· As of October 2013, there were 756 active luxury home listings, 4.1 percent of all active listings on the Houston market.
· In October 2013, the monthly housing inventory for a luxury home was 7.4 months, 4.3 additional months than that of the Houston housing market at large.
Luxury home sales are one of the fastest growing segments within the Texas housing market. Austin, Dallas, Houston and San Antonio experienced an average 35 percent jump in luxury home sales between January and October 2013.
Houston's housing market in 2013 was one of the strongest ever.