HOUSTON, Texas – Despite a sharp downturn in the price of oil, Houston remains the top Texas city for the sales of luxury homes and ranks fifth in the nation. This ranking was reported from Coldwell Banker Previews International’s spring 2015 luxury market report by Paul Takahashi with the Houston Business Journal.
More than one thousand luxury homes were sold in the Houston area making the city one of the hottest luxury home markets in the United States. San Francisco came in first place with nearly 3,000 luxury homes. This was followed by Los Angeles (2,573), New York City (1,639), and San Jose (1,312). Houston reported 1,045.
Houston remained in the top five despite a sales dip in February. This was the first month to have a decrease in the past six months. March sales; however, sprang back with a seven percent increase. The report classifies luxury homes as home sold for more than $500,000.
In home sales of more than $1,000,000, Houston ranked 13th in the nation. New York City had nearly eight times as many luxury home listings as Texas’ Bayou City. Houston Realtors report that demand for luxury homes remains high causing inventory levels to be low.
Houston beat out all of the other Texas cities in luxury home sales.
If you are going to have one of Houston’s most posh homes, there are five streets to look at according to another article by Takahashi. Lazy Lane Boulevard, in Houston’s prestigious River Oaks area, is the 4th most expensive street for home prices in the nation. The median home value on Lazy Lane is in excess of $15 million. Lazy Lane is the only street in Texas to be ranked in Zillow Inc.’s top 15 most expensive streets list.
The other most expensive streets in Houston include Memorial’s Carnarvon Drive with a median price of $7.9 million, River Oaks Boulevard at $6.6 million, Timberwilde Lane in Hunters Creek Village at $6.5 million and Knollwood Drive in River Oaks at $5.5 million.
Carnarvon Drive has the distinction of having the most expensive home ever listed in the Houston real estate market. Chateau Carnarvon was listed by Southeby’s International Realty for $43 million last September.
The diverse economy of Houston continues to keep the housing market strong despite the downturn of oil prices in the past year.