Harvey Barely Dinged Houston's Luxury Home Market

September 24, 2017
Houston skyline at night, image via Pixabay

Houston sustained billions of property damage from Hurricane Harvey, but the luxury home market there bounced right back two weeks after the storm.

The number of listings for homes with a $1-million price tag increased compared with the two-week period before Harvey hit and the median list price and median sale price declined slightly

“We’re expecting it to bounce right back up,” says James Gaines, chief economist at the Real Estate Center for Texas A&M University. “For the most part, these [homeowners] were able to absorb it.”

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