Houston Luxury Home Sales Jump 9.4% as Active Listings Hit Record

Houston’s July Record: Luxury Sales Rise as Listings Pile Up

Houston’s housing market reached two milestones in July: active listings climbed to an all-time high of 40,750 homes, and sales of homes priced at $1 million or more rose 9.4 percent from a year earlier, according to the Houston Association of Realtors.

The city’s previous listing record, set in July of last year, was 39,490 active homes. Overall sales still increased 1.6 percent year over year despite the larger supply, with the average sale price rising 1.9 percent to $441,000 and the median price inching up 0.6 percent to $340,000.

High-end transactions showed the strongest momentum. A 6,300-square-foot River Oaks home at 1419 Kirby Drive, formerly owned by King Ranch descendant John Steen III, was listed for $6.5 million in May and sold in about two weeks. In Royal Oaks, a mansion once featured on MTV’s “Cribs” sold for $9 million in December and was relisted this summer at $12 million.

HAR says the sales figures mark a return to normal market volumes when compared with the 12 months before July 2019, the last pre-pandemic benchmark.

Why Houston’s High-End Market Is Outpacing the Broader Market

Why luxury buyers are shrugging off mortgage rates

HAR chair Theresa Hill attributed the luxury segment’s outperformance to higher-end buyers being less sensitive to mortgage rates. The July figures support that read: sales above $1 million rose 9.4 percent year over year while median price growth was only 0.6 percent. The market is not moving as one block — the top tier has its own demand and financing profile.

What record active listings mean for pricing

Houston had 40,750 active listings in July, a 3.4 percent increase from a year earlier and above the previous record of 39,490 set last July. Total sales still rose 1.6 percent, suggesting the added supply is not overwhelming demand. But average price growth of 1.9 percent and median growth of 0.6 percent indicate a market where buyers have more room to compare.

The mansion sales that show the upper tier’s momentum

The high end is producing quick, visible deals. A River Oaks home at 1419 Kirby Drive, the former home of John Steen III, sold about two weeks after being listed at $6.5 million. A Royal Oaks mansion sold for $9 million in December and was relisted at $12 million this summer. The relist does not prove a $12 million sale, but it does show that luxury sellers are confident enough to test a higher price after recent activity.

What the Houston Data Means for Buyers and Sellers

For participants in Houston’s housing market, the July figures offer specific signals:

• Luxury sellers: The $1 million-plus segment rose 9.4 percent year over year, and the two-week River Oaks sale at $6.5 million shows demand for well-priced upper-tier homes. Sellers can price confidently but should still anchor to recent comps rather than the $12 million Royal Oaks relist alone.
• Broad-market sellers: With 40,750 active listings on the market and the median price up only 0.6 percent, overpricing is riskier than in a supply-tight market.
• Buyers: The record inventory gives more negotiating room than last July, but the overall 1.6 percent rise in sales suggests well-priced homes are still moving.
• Agents and investors: HAR says Houston volumes have returned to levels comparable to the 12 months before July 2019, making pre-Covid activity a useful baseline for planning.