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The Howes Report July 2023


The Howes Report July 2023

The Howes Report

July 2023

I can’t believe we are already halfway through the year! Time flies when you’re trying to survive in this Houston heat! When it comes to Houston real estate it seems things are about to heat up as well, with Bank of America Global Research expecting mortgage rates to fall to 5.25% by year-end. Compass Real Estate CEO Robert Refkin agrees, stating that when rates drop the pandemic craze will return, as reported by Inman News – And Houston is no exception.

It is evident that the luxury market in Houston has displayed remarkable resilience and continues to flourish even in the face of early-year uncertainties. Let’s explore the key trends and factors shaping this market as we venture into the mid-year of 2023.

Steadfast Market Growth

Houston’s residential real estate market has witnessed steady growth over the years, and this upward trajectory remains intact as we enter July 2023. The luxury segment, in particular, continues to attract high-net-worth individuals seeking elegant and opulent properties. Despite global challenges and fluctuations in the economy, Houston’s luxury market has demonstrated resilience, proving to be a secure and lucrative investment option, the only thing lacking is sufficient inventory.

Robust Demand and Limited Inventory

The demand for luxury properties in Houston remains strong, with an increasing number of affluent buyers seeking upscale residences. This demand has created a highly competitive market environment, as the inventory of luxury homes has remained relatively limited. The scarcity of available properties has led to heightened competition among potential buyers, resulting in multiple-offer scenarios and accelerated sales cycles.

River Oaks, Memorial, and Tanglewood Market Updates

If you currently live in River Oaks, Tanglewood, or Memorial, I have included a brief market summary that extends through the end of May 2023. If you live outside of these neighborhoods or would like a more specific market summary please reach out and I will be more than happy to prepare one.

Dee Dee’s Luxury Insights

As we venture into July 2023, Houston’s luxury residential real estate market stands as a testament to its resilience, buoyancy, and ability to cater to the discerning needs of high-net-worth individuals. Despite challenges and uncertainties, the market continues to thrive, propelled by robust demand, and limited inventory. Whether you are a buyer or a seller, navigating this dynamic market requires the expertise and guidance of a knowledgeable luxury real estate agent who understands the intricacies of Houston’s luxury segment.

I hope you all had the best 4th of July weekend and took the time to celebrate the freedom we have all been blessed with and the joy that comes with the American dream!