Houston Housing Market Shows Positive Trends In 2018
Houston Real Estate Forecast
The Texas real estate market has been pretty quiet for a little under a decade now, but the real estate market in Houston has managed to remain relatively consistent while its surrounding areas have dragged their feet. There was a time when Houston seemed immune to the highs and lows of housing cycles, but it now seems to have joined the pace of the national average. But its rate of appreciation continues to be slightly above the national rate. The Houston real estate market is becoming a hotbed of buyer activity that could be really beneficial for real estate investors; just ask the multitude of overseas investors who are choosing Houston as the city of choice to invest in for the foreseeable future.
With an extremely diversified economy and a huge demand for housing, the Houston real estate market remains one of the top markets in the US for real estate investing. The most recent population figures for the city show a figure of more than 2.3 million people, and the past two decades have seen billions of dollars in both public and private investment to develop areas and make Houston a more attractive place to live and to visit. Residential units, hotels, office buildings, restaurants; the city goes into 2018 with continuing development projects that promise to keep the real estate market strong.
Houston housing market will remain in the recovery mode in 2018 following devastating floods from Hurricane Harvey. The 2018 Housing market predictions for US indicates that people living in more expensive cities such as New York, Los Angeles, and San Francisco now hope to flock to cheaper living cities such as Houston, Texas. Many workers are fed up with the costs in these regions and are having difficulty surviving in areas with labor shortages, rising mortgage rates, and higher lumber costs. All these factors have led experts to believe that the housing market in Houston is on a significant upward trend in 2018.
The housing market in Houston is in exciting new territory. Although Harvey’s effects were absolutely devastating, the hurricane also contributed to the Houston housing market’s new rise after Harvey. Houston’s inspiring efforts to come together and recover shows the resilience of the people there and the city’s strength. The government’s quick response to the tragedy and their overwhelming desire to help the people exhibits the city’s importance on a national, and continental, scale.
Houston Housing Market Trend
According to HAR.com, single-family homes inventory reached a 3.4-months supply in March versus 3.6 months a year earlier, but is at its highest level of this year. It held at a 3.2-months supply throughout January and February.
Single-family home sales fell 2.5 percent in March, with 6,810 units sold throughout greater Houston compared to 6,982 a year earlier.
The median price reached the highest level ever for a March in Houston, increasing 2.4 percent to $233,500. The average price also reached a March high, up 3.0 percent to $292,756.
The best-performing segment of the market consisted of homes priced in the $500,000 to $749,999 range, which rose 7.0 percent. The luxury market – those homes priced at $750,000 and above – was flat for the second month in a row.
Houston is a diverse city with lots to offer that will cater to the tastes of a variety of potential buyers and tenants. Many of Houston’s neighborhoods are some of the most attractive places to live in the whole of Texas, and it’s not hard to see why. With a great balance of urban regions and open spaces in the suburbs, the potential for development is clear to see, and the natural features of the land are some of the most attractive features you could hope for in an investment district. According to the Bloomberg report on Houston Real Estate Market – “Far from declining, prices and rents are expected to rise given the sudden housing shortage. Out-of-state investors have even started to swoop in to acquire damaged homes to repair and sell or rent.”
The forecast for Houston Real Estate Market is good, and current housing prices are relatively low in the wake of Hurricane Harvey, so if you want to get on board the Houston housing investment market then now would be a great opportunity to do so.
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