Real estate report

Here's how much Houston home prices have jumped in just 5 years

Home prices in Houston are going up, but not as fast as other North American markets.

Photo courtesy of SWRE Real Estate Services

Houston is one of the most buyer-friendly housing markets in the country, but that doesn't mean home prices are stagnant. In fact, local home prices have seen a double-digit increase in recent years, according to a new report.

Real estate news site Point2 Homes reports that from December 2013 to December 2018, Houston's median home price increased from $188,500 to $240,000, a 27 percent jump that equates to an additional cost of $51,500. And while that may seem steep, Houston actually had the third lowest home price growth of the Texas metros studied and 16th lowest in North America.

Neighboring Fort Worth outpaced the rest of the state and was one of 18 North American cities with a price jump over 50 percent (in all, 83 metros were reviewed). The median home price in Cowtown grew 52 percent, from $148,000 in December 2013 to $225,000 in December 2018, a $77,000 jump.

By comparison, other Texas metros saw relatively modest growth. Austin had a 33 percent jump ($226,000 to $301,391), and San Antonio saw a 32 percent increase ($171,400 to $226,200). Dallas had the second lowest home price growth among the Texas cities studied, with a median home price increase of 24 percent ($229,900 to $285,000). At 12 percent, El Paso had the lowest median home price growth in the state (from $137,650 to $154,000).

"Compared to just five years ago, 40 cities in the U.S., 31 in Mexico, and 10 in Canada have seen significant home price hikes, putting considerable strain on the average homebuyer. With more and more people opting for a connected, urban lifestyle, and with the younger generation’s desire to reduce commute time, demand for urban housing is skyrocketing," the report says.

Detroit topped the North America list with a surprising 97 percent increase in home price but a net increase of only $30,143. San Francisco, however, saw the highest net increase: a staggering $550,000 price increase in just five years.

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Record-breaking property

Ultra-luxurious Houston high-rise lists last penthouse for $14.5 million

A rendering of the exterior of the St Regis Residence in Houston

Rendering courtesy of Shimahara Visual

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A new Houston high-rise is issuing a final call for one of its most desirable units. The St. Regis Residences, Houston has one remaining penthouse available for $14.5 million.

A representative touts that the $3,100 per square foot price is a new record for Houston-area high-rises. It’s one of seven penthouses at the property that range in size from 4,500 to 6,500 square feet.

“The last available penthouse at The St. Regis Residences underscores the strength and maturity of Houston’s luxury market,” said Catherine Lee, president of Douglas Elliman Development Marketing, Texas, which is handling sales and marketing for the building. "Discerning buyers are consistently choosing standalone branded residences that deliver enduring quality, trusted service, and global brand recognition — all of which is evidenced by the premium price-per-square-foot. Opportunities of this caliber, particularly at this level of scarcity, are increasingly rare.”

A rendering of a penthouse at the St Regis Residence in Houston A rendering illustrates one of the building's penthouses.Rendering courtesy of Shimahara Visual

As CultureMap has previously reported, Houston-based commercial real estate firm Satya is building the 37-story, curvilinear tower. Set on a nearly four-acre property near Houston’s iconic Bayou Bend Collection (102 Asbury Street), the tower will offer 90 residences.

Buyers can select from various floor plans, including one-bedroom units. Pricing for these luxurious homes begins at $3 million, with residences starting on the 10th floor.

Residents will enjoy more than 40,000 square feet of amenities, including butler service, a lap pool, steam rooms, saunas, fitness studio, dedicated training space, a yoga and movement studio, and St. Regis-branded bicycles. A dedicated children’s activity center, gaming lounge, theater, and event space will offer entertainment for all ages, while the Cognac Bar and Astor Room on the 26th floor will provide a refined dining experience in homage to the St. Regis founding family.

Additional perks include co-working spaces, two guest suites, and full-building backup generators — an invaluable feature in Houston.

The project is expected to break ground this spring, with an expected completion of early 2029. So far, the building has more than $180 million in gross sales, according to press materials.

“The demand for this level of condominium in Houston continues to show the market is prime for a new paradigm of residential experience and the impeccable service of legendary hospitality that The St. Regis brand is known for,” said Sunny Bathija, owner and developer of The St. Regis Residences, Houston and CEO of Satya.

St. Regis Residences, Houston, is neither owned nor developed by Marriott International or Marriott, but rather SR Luxury Condominium, LTD. It has licensed the St. Regis marks from Marriott for the project.

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Brianna McClane contributed to this article.

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