Houston’s luxury real estate market hit new highs last year, but is the landscape the same for buyers in 2022? Will the market’s record-breaking bullish momentum continue, and will there be a stock to support it? What new developments should you know about in Houston’s hottest neighborhoods?
To get an inside look at the residential market, I reached out to him Dimitris Ballingera real estate expert with luxury real estate brokerage in Houston Baker & Co. An industry within Houston’s first-time homebuyer market, Ballinger has a finger on the pulse of what’s going on with local developers, tracking everything from “land acquisitions to sales and marketing of new communities.” “Currently, there are 340 homes with an average selling price of $350,000,” he says. “The timing is over the next 24 to 36 months until it is completed.”
Buyers are already lining up to get a portion of the new development. “I have seven contracts with prices starting at $344,000 in a community of 24 gated homes. It is located in [Houston’s] The inner city, where most projects are being built for the first time. “We’re just on site right now and they’re selling pretty fast,” said Ballinger, who started his real estate career in Houston more than six years ago.
Jaime Baker, broker/owner of Baker & Co. He appointed Ballinger to the company and witnessed the shift in market dynamics in Houston over the decades. Houston’s Baker ways date back to the 19th century. Four generations of her family participated in the housing market beginning in 1840 when Bakers founded a successful general contracting company.
Lucille Buckner’s grandmother, Baker’s grandmother, was instrumental in developing a local multiple listing service and rooting the current MLS system used by all real estate agencies in the area. Several generations later, Jaime Baker is now known as an innovator in the industry as an adopter of technology and uses social media to effectively communicate with customers.
According to Ballinger, the first-time buyer’s market is largely made up of “people who wear scrubs when we meet,” a reference to Houston’s large and growing medical community. “We can’t keep stock in stock,” he adds.
These communities feature open plan living, large master suites, quartz kitchen islands, wine centers, and spacious freestanding bathtubs. Buyers understand the value these new homes offer.
Looking at the general dynamics of the luxury goods market in Houston, Baker describes an upscale shift: “This is the first time that the luxury goods market in Houston has been as coveted and sought after as it is now.”
She adds that new residents who moved to Houston from California “can’t believe what they can buy here.” newly constructed, 4,017 square foot home in Belair, within the Houston metro area, has five bedrooms and 4.5 bathrooms of light-filled luxury. Asking price: $1.375 million.
As more people move to Houston, look to developers and builders to be ready to provide housing for both first-time buyers and the luxury market.
Baker & Co. is an exclusive member of Forbes Global Real Estatea consumer marketplace and membership network of elite brokerages selling the most luxurious homes in the world.