With all the buzz surrounding Texas real estate markets like Dallas and San Antonio, you might overlook Houston. If so, you might want to look again: The “Bayou City” offers real estate investors outstanding value and accessibility to a major U.S. housing market. Let's check out the stats of Houston real estate.
For many people, moving to Houston is a no-brainer.
The area’s low cost of living, job growth, affordability and amenities present limited barriers to entry and provide a place to call home for the long haul.
The median sale price of a single-family home in Houston recently topped $350,000 (May 2022). This is an increase of over 40% compared to two years ago.
As home prices in Houston keep rising, more people are turning to renting a home instead of buying one.
Key Market Stats HOUSTON REAL ESTATE:
- Zillow Home Value Index (ZHVI) for Houston is $266,964 through May 2022.
- Home values in Houston increased by 21.7% over the last year.
- Over the last five years home values in Houston increased by over 54%.
- Median sales price of a single-family home in Houston is $314,000 according to the Houston Association of Realtors (May 2022).
- Median single-family home prices in Houston have increased by 16.0% year-over-year.
- Year-to-date sales of single-family homes in Houston are up 4.4% compared to the same time last year.
- Days on market that it takes the average home in Houston to sell decreased to 29 days.
- Inventory of homes for sale in Houston is only 1.6 months.
- Most affordable neighborhood in Houston to buy a home is Greater Inwood, where the median listing price is $195,000.
Even though home prices in Houston are reaching record highs, investors are still snapping up properties almost as quickly as they are listed.
According to the Houston Association of Realtors (HAR), sales volume of single-family homes is up over 4% year to date. With the lack of affordable housing creating more demand for rental property.
While a hot real estate market like Houston can be frustrating for homeowners. It can be ideal for single-family rental property investors. That’s because the strong job market in Houston is attracting more people, and when the housing market is tight they rent instead.
The 3-county region of Houston added 1 million residents over the past 10 years and accounted for a quarter of the population growth in Texas.
Between 2010 and 2020, the population of Harris County grew by 15.6%.While adjoining Montgomery and Fort Bend counties grew by 36.1% and 40.6% respectively.
About the writer: Shaura Cuyan writes all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs both locally and internationally and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication and has a Masters degree in Development Communication.