Howard Hughes Communities Deliver Strong Home Sales and Land Sales in First Half of 2024 Supporting Expectation of Record-Breaking Year for HHH Portfolio
Bridgeland and Summerlin, two of the award-winning communities in the Howard Hughes portfolio, have been ranked among the country’s top-selling master planned communities (MPCs), according to a mid-year 2024 report released by national real estate consultant RCLCO. The Summerlin community in Las Vegas ranked #5 on the RCLCO list with 596 new homes sold during the first half of 2024, and Bridgeland, in the Greater Houston area, ranked #8 nationwide with 498 new homes sold by mid-year. Demand for homes in the amenity-rich, business-friendly environments of Howard Hughes communities continues to deliver strong results that support the company’s expectation of another year of record residential land sales in terms of price-per-acre and acres sold.
“The inclusion of two Howard Hughes communities in the top ten best-selling MPCs in RCLCO’s mid-year report is a testament to the exceptional high-quality lifestyle that they offer,” said David O’Reilly, Chief Executive Officer of Howard Hughes. “Our year-to-date increase in total home sales across the portfolio solidifies our expectation that 2024 will be the best year for residential land sales in the history of Howard Hughes. Our impressive mid-year results show a 163% increase in residential land sales revenues and a 35% increase in average price per acre compared to our 2023 mid-year results. Despite high interest rates and national headlines propagating a misleading singular picture of the housing sector, the communities across our national portfolio are delivering strong year-over-year improvement.”
BRIDGELAND
Bridgeland is on pace in 2024 to meet or exceed its record for annual home sales set in 2023. The community continues to demonstrate significant and transformative growth that is expanding the urban landscape of the Houston region, attracting residents with access to more than 3,000 acres of parks, lakes, trails and green space within a quarter mile of every home, as well as top-rated schools and expanding job opportunities.
Residential home sales include a diverse range of home designs and price points throughout the community, including Creekland Village®, Parkland Village®, and Prairieland Village®, as well as the 925-acre urban district of Bridgeland Central®, which is emerging as a dynamic residential and commercial hub for Northwest Houston, featuring Bridgeland’s first H-E-B grocery store and Houston’s first mass timber office building.
According to the RCLCO report, sales among the country’s top master planned communities outperformed the broader new home market, as people are choosing communities that are highly amenitized, offer an exceptional quality of life, a variety of housing options, and short commutes. Houston was once again the top-performing metropolitan area with 13 communities in the top 50, with over 4,500 sales representing almost 24% of sales among ranked MPCs. The Las Vegas metropolitan area followed with just over 2,000 sales, representing 11% of sales among ranked MPCs.
SUMMERLIN
Spanning 22,500 acres, Summerlin continues to be one of the most sought-after and best-selling communities in the country, offering over 127,000 residents unparalleled access to nature and expansive commercial amenities in a business-friendly environment. The local job market has grown over two times faster than the national average, as recent corporate relocations and expansions by technology companies, sports teams, and entrepreneurs working across a variety of industries have attracted a workforce seeking an affordable, high-quality lifestyle.
Summerlin offers the greatest variety of housing options in the Las Vegas Valley—with 70 floor plans selling in nearly 20 neighborhoods at different price points and styles from some of the nation’s top builders—driving sizeable residential growth. Thanks to a heightened demand for new housing, Summerlin anticipates another record-breaking year for residential land sales to homebuilders in 2024 as well as continued strong demand for commercial amenities. In its 34th year of development, Summerlin has nearly 3,000 acres of raw land remaining, with three new commercial cores under planning and development throughout the community.
