Real Estate in Houston
Housing market in Houston, TX continuing to grow
A recent report from the Houston Association of Realtors heralded great news for the Houston housing market, which has been gradually increasing over the last year. Houstonians bought 4,765 single-family homes in February of this year, which represents an 8.3 percent increase over that month last year.
Prices are also going up. Thanks to a relatively low supply and the fact that many luxury homes are now selling, the median price of a home in Houston rose to $181,500, an 11.7 percent increase. Average prices skyrocketed by 12.5 percent to $247,534. Median price represents the number at which half the homes sold for, while average price takes the price of every home sold and finds the middle point.
The study, which mostly looked at Harris and Fort Bend Montgomery counties, indicated that there were some other signs of a rising tide:
- Single-family home rentals rose by 19.2 percent and townhouse/condo rentals went up 4.3 percent. Average rental price increased slightly to $1,590.
- The number of foreclosures continued to diminish. They now represent only 8.6 percent of the market. In the middle of the recession, that number was closer to 30.
- 447 townhouses and condos sold and their average price was up as well — it now stands at $179,281.
- Total dollars spent in homes sales for the month? Up 22.5 percent to a whopping $1.4 billion.
- Houses in the lower end of the market didn’t fare as well as the higher end. Sales of houses valued at $1 - $79,999 decreased by 31 percent, while those valued at $500,000 - $1 million went up by 40 percent.
- Inventory — meaning the amount of time it would take to sell every home on the market — stayed about the same.
May economists feel the recession was caused by the collapse of the housing market, so these are uplifting signs for the economy as a whole. If you’re looking for real estate in the Houston area, now may be the time to buy. A local real estate agent can help you find the house of your dreams.