Going up

New report reveals how much Houston home prices soared in past decade

Home prices in Houston jumped 68 percent in the past decade.

Photo by TK Images

Homes in Houston are selling at a dizzying pace, as CultureMap has previously reported. Hardly surprising, considering that in the past decade, every Texas metro area saw its home prices soar.

To that end, a new report from the Texas Association of Realtors reviews home-selling activity across the state during the previous 10 years (2011 through 2020).

The Houston area notched a moderate increase, 68 percent, in the median home price from 2011 ($154,500) to 2020 ($260,000). By the numbers, some 58,223 homes were sold in Houston in 2011, with 99,339 sold in 2020 — a whopping 71 percent increase. The average price per square foot in 2011was $83; in 2020, the price jumped to $133.

Reflecting the speed in which units are now plucked off the market, Houston homes in 2020 were available just 54 days, compared to 89 days in 2011.

Statewide, shoppers favored big cites, according to the report. Three-fourths of homes sold around the state in the past decade were located in the Houston, Austin, Dallas-Fort Worth, and San Antonio metro areas, according to the report. Dallas-Fort Worth topped the list, with 923,528 homes sold from 2011 through 2020, followed by Houston (811,105), Austin (315,946), and San Antonio (292,322).

Across Texas, the median home price shot up 76 percent from 2011 ($146,988) to 2020 ($259,188), and more than 3 million homes were sold. The greatest sticker shock went to the north Texas area of Sherman-Denison, where the median home price jumped 130 percent from 2011 ($87,000) to 2020 ($200,000).

Among Texas’ four major metro areas, Dallas-Fort Worth, the median home price skyrocketed 94 percent from 2011 ($149,900) to 2020 ($291,000).

Only one metro area watched its median home price break the $300,000 mark: Austin. The Austin area witnessed an 82 percent bump in the median home price from 2011 ($189,000) to 2020 ($343,914), the report shows. No other Texas metro reached the $300,000 level last year, but oil-rich Midland came the closest ($299,000).

“We’ve had a dynamic real estate market in Texas over the past decade,” Marvin Jolly, chairman of the Texas Association of Realtors, says in an August 5 news release. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new-home technologies, and, of course, the pandemic.”

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Where to Live Now

Houston high-rise's 2-story penthouse hits the market at $11 million

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

For those looking to move on up to a deluxe penthouse in the sky — the new $11 million listing at 1275 S. Post Oak Lane, Unit 2502 hits the right note.

At nearly 9,000 square feet, Penthouse 2502 at The Belfiore spans the top two floors of the 26-story high rise.

"The team that created Penthouse 2502 offers Houston something exceptionally rare: a brand-new, never-occupied, two-story residence with custom-caliber design atop an established luxury tower," said Justin Dugat of Douglas Elliman, co-listing agent with Misty Meredith, in a statement.

The penthouse underwent a full build-out in the past seven months under the guidance of Jeffrey Fawaz and Mike Elaridi of Fratelli Companies with Ghandi Saad and Salim Obeid of RSG Development Group.

“From the beginning, we saw the opportunity to create something truly elevated; not just in design, but in experience,” Fawaz said. “Every detail was approached with intention, and the result is a space that reflects both luxury and functionality in a seamless way.”

$\u200bPenthouse 2502 at The Belfiore$

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

What was once a blank concrete shell is now an 8,689-square-foot home with five bedrooms, including two primaries and a dedicated 680-square-foot dressing room, along with three full and three half bathrooms.

The home’s two floors are connected via both an interior lift and a floating staircase that serves as a sculptural centerpiece. Multiple entertaining spaces include a media room, office, wet bar, massage room, and a wine cellar.

The views are a luxury of their own, with floor-to-ceiling windows and two corner terraces offering panoramas of the east, west, and south.

The list of elevated features is extensive, including an automated designer lighting system by Lutron and appliances from La Cornue and Gaggenau. Venetian plaster, Italian marble countertops, European cabinetry, and custom white oak herringbone flooring throughout highlight the attention to craftsmanship.

The Belfiore’s amenities add to the penthouse’s appeal, with a 24-hour concierge and valet, swimming pool, athletic club, private dog park, and — perhaps most enticing in Houston — industrial generators. The perks come with a hefty monthly maintenance fee of $11,157.

The 45-residence building, completed in 2016, was originally developed by Giorgio Borlenghi of The Interfin Companies alongside McNair Interests, the investment entity of late Texans owner Bob McNair.

“Houston’s luxury high-rise condo market is gaining momentum, driven by demand for a lock-and-leave, full-service lifestyle,” Dugat said. “As more wealth flows into the city, buyers are prioritizing efficiency, design, and the ability to spend more time living and less time managing a traditional home.”

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