Vacation homes & real estate

Hurricane Harvey's Effect on the Luxury Home Market

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It seems that Hurricane Harvey may have caused billions of dollars in property damage in Houston and left wreckage in it's wake. It did not have impact on the luxury home market however. 

According to recent data by the Houston Association of Realtors, the number of sales dropped immediately after the hurricane although only a slight drop of 3.1% in median price of listings was reported and a 2.2% drop in sales prices. 

When looking at the listings of luxury homes of $1 million and above during the period between January 1 and August 24 and then measuring these numbers agains those of the listings between August 25 and September 11, numbers represented only a very slight decrease and this is expected to remain so for the coming months. This is obviously positive news for  Houston and shows a healthy and stable housing market.

 

To read the rest of the story at Realtor.com, click here.

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Tags:

Harvey, real estate, investment, real estate market