The good news was reinforced by HAR Chairman Mario Arriaga.<\/p>\n
\u201cOverall home sales held steady throughout March, and much of that may be due to an influx of new residents throughout the Houston area even as the energy industry suffered more layoffs,\u201d he said.<\/p>\n
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Demand for Single Family Homes Up 9 Percent<\/h2>\n
There is even better news when it comes to townhomes and condominiums, as sales rose 1.9 percent in March as compared to last month\u2019s year-over-year decline.<\/p>\n
Most importantly for property investors, demand for single-family lease homes increased 9.0 percent, and demand for townhomes and condominiums for lease increased by 7.4 percent.<\/p>\n
Related:<\/strong> 17 U.S. Markets With the Best Predicted Single Family Rental Returns for 2016<\/a><\/em><\/p>\n It appears that demand for real estate in Houston is still strong, thanks in large part to the diversified economy that is not solely relying on oil. Young urbanites continue to flock to the area for opportunities and affordability.<\/p>\n Relatively speaking, the housing in Houston remains affordable when compared to other major cities in the United States. A recent report by the Greater Houston Partnership<\/a>, updated in February 2016, showed the average sale price of a single-family home in Houston is $288,271. In comparison, the average price in San Francisco is $978,744, and the average price in Seattle is $548,187.<\/p>\n Part of the reason Houston is a great city for buy and hold investors is because Houston is a well-rounded place to live with several up and coming neighborhoods to choose from.<\/p>\n As a buy and hold investor where \u201ccash flow is king,\u201d Houston\u2019s \u201chottest\u201d neighborhoods, which offer a concentration of jobs and are still walkable with entertainment and things to do, are great locations to buy property at a relatively low price.<\/p>\n According to the 2016 Kinder Houston Area Survey<\/a>,\u00a0\u201c50 percent of Houstonians would rather live in a smaller home in a more urbanized areas located within walking\u00a0distance of shops and workplaces than a single-family\u00a0home with a big yard, where you would need to drive\u00a0almost everywhere you want to go\u2026 It\u2019s no surprise that some of Houston\u2019s most\u00a0walkable areas<\/a>\u00a0— Inner Loop neighborhoods like Montrose,\u00a0Midtown, the Museum District, and The Heights — are also some of the most expensive places to purchase a home.\u201d<\/p>\nHalf of Houstonians Prefer a Smaller House With Walkable Amenities<\/h2>\n
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