Interest rates have slowed the Texas housing market, with luxury home sales now feeling the impact. Multimillion-dollar estates in cities like Austin are staying on the market longer, affecting how buyers, sellers and brokers operate.
Traditionally, high property taxes in Austin have encouraged sellers to keep their transactions private, often using exclusive platforms instead of listing homes on public databases. But as inventory grows and prices drop, more sellers are moving away from private networks such as Clubhouse and the Austin Luxury Network to list their properties on the MLS for wider exposure.
While most of the luxury segment is experiencing a slowdown similar to the broader housing market, some areas remain strong. Historic luxury homes continue to attract buyers despite market shifts. Emily Waldmann, an agent at Douglas Elliman in Austin, said historic homes are rare in Texas cities because many older houses are demolished rather than renovated—especially in Dallas.
Meanwhile, demand is holding steady for branded condo projects. In Houston’s Rice Military neighborhood, Satya is developing Texas’ first standalone St. Regis condominium building. Since mid-September, $100 million in contracts have been signed at this project, with recent deals exceeding $2,000 per square foot—well above the $500–$1,000 per square foot range typically seen for Houston’s luxury single-family homes.
Elsewhere in Texas real estate:
Jon Venetos’ Lurin Capital faces legal trouble after allegedly defaulting on a $77.2 million loan tied to Latitude 2976 apartments in Houston; Fannie Mae has filed suit against the firm.
Harwood International lost another Dallas office building after foreclosure earlier this month; First United Bank acquired Harwood No. 1 with a $27.2 million credit bid amid ongoing efforts by Harwood to stabilize its holdings by selling assets.
The state’s hemp industry may be severely affected by new federal legislation that would reduce allowable THC content; if enacted, thousands of businesses could close and leave up to 17 million square feet of retail space empty.
Legal disputes over EPIC City—a proposed master-planned community focused around a mosque—have ended. The developer Community Capital Partners has renamed the project “The Meadow” to avoid confusion about its purpose and emphasize its family-oriented approach.
“Historic homes are proving to be insulated from market swings,” said Douglas Elliman agent Emily Waldmann.
The St. Regis development has recorded contract prices topping $2,000 per square foot since September.
The Meadow project was renamed “to squash confusion” over whether it aimed to form its own municipality and “to better reflect its ‘inclusive, family-centered’ design.”
