Homes selling for at least $1 million are big business down south
Homes selling for at least $1 million are big business down south.
The luxury homes market in Texas has seen a 19% jump in 2017 to a total $7.5 billion according to the Texas Association of Realtors.
Although the 4,622 sales in the segment between October 2016 and November 2017 makes it the smallest part of the Texas home sales market, it’s the fastest growing.
"Despite slowing growth trends across the Texas housing market, job market and economy in 2017, Texas luxury home sales volume has continued to grow at a booming pace. Rising home prices, high-end remodeling activity in major metro areas and relocation activity from out-of-state residents all continue to be drivers for Texas home sales of $1 million and higher."
Prices for luxury homes have remained stable at a median price of $1.35 million during the first 10 months of 2017.
"Signs of a softening housing market are historically first seen among luxury price classes, but there's been no such evidence of a softening market among Texas luxury home sales this year," concluded Fullerton. "Slowing luxury home price appreciation in Texas, however, could indicate that home price growth among the Texas housing market at large could begin to normalize in 2018, which would help curb growing housing affordability challenges throughout the state."
The luxury homes market in Texas has seen a 19% jump in 2017 to a total $7.5 billion according to the Texas Association of Realtors.
Although the 4,622 sales in the segment between October 2016 and November 2017 makes it the smallest part of the Texas home sales market, it’s the fastest growing.
"Despite slowing growth trends across the Texas housing market, job market and economy in 2017, Texas luxury home sales volume has continued to grow at a booming pace. Rising home prices, high-end remodeling activity in major metro areas and relocation activity from out-of-state residents all continue to be drivers for Texas home sales of $1 million and higher."
Prices for luxury homes have remained stable at a median price of $1.35 million during the first 10 months of 2017.
"Signs of a softening housing market are historically first seen among luxury price classes, but there's been no such evidence of a softening market among Texas luxury home sales this year," concluded Fullerton. "Slowing luxury home price appreciation in Texas, however, could indicate that home price growth among the Texas housing market at large could begin to normalize in 2018, which would help curb growing housing affordability challenges throughout the state."
