Moving to Houston? Here’s what you need to know about Houston’s real estate market.
It’s All About Location
In Houston, the real estate market is all about location. So, the first thing you need to consider is what area or neighborhood will be the best for you and your family. If you are unfamiliar with Houston, as most people are when they are moving here, the best thing to do is to rely on the local market expertise of the Realtor who will be assisting you.
Your Realtor will be able to give you a good introduction to Houston, that should include a tour of various areas of interest, which will help orient you to the city and everything it has to offer.
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From Water to Woods and Everything in Between
From master-planned communities to urban life, the Houston area is sure to please.
Are you looking to be near the water? If so, you might want to consider the Clear Lake area, League City, or even Galveston. There are many options both on the water, and in close proximity.
Are you more of a lake lover? Then you might want to have a look at the Lake Conroe area.
Maybe wooded neighborhoods with mature trees are more your style. If so, Houston offers many options. The Woodlands, Kingwood and Cypress areas might be some good ones for you to consider.
Things to Consider
While everyone has different priorities when it comes to choosing the area or neighborhood where they want to live, in most cases it comes down to where your office is located, how far you are willing to commute, what your school needs are, and of course your lifestyle.
Fortunately, Houston has something for every single taste and lifestyle. As the fourth largest city in the U.S., Houston has all of the amenities that you would expect of a large metropolitan city, while also having a small-town feel. So, whether you are drawn to suburban life, or prefer the energy of the inner-city, rest assured that you can find your home in Houston.
Houston Real Estate Prices
Again, it’s all about location. That means that home prices can vary quite dramatically depending on the area of town and neighborhood.
According to the most recent Houston area MLS data, the average price for a single-family home in February was $281,945. Meanwhile, the average rental price for a single-family home was $1,720, and the average rental price for townhomes and condominiums was $1,515.
When looking at Houston real estate market data, it’s important to understand when that the MLS lumps the entire Houston area together for the purposes of their reports. As such, it is very important to know the specific market data for the actual area or neighborhood where you think you might want to live. That’s why it is so important to work with a Realtor who is an expert on the Houston real estate market.
Comparing Houston’s Real Estate Market
According to Payscale.com, Houston housing costs 22 percent less than the national average.
And, when other major markets in the U.S. experienced the housing bubble and subsequent bust in 2007-2009, the Houston market remained among the most stable in the country. In fact, Houston was the last city to enter the recession, and was the first city to recover.
Strong Housing Market in Houston
Even after Hurricane Harvey hit in August of last year, the Houston real estate market remained surprisingly strong. This speaks well of the strength and diversity of the Houston economy, as well as the resiliency of the city and the people who call it home.
While the immediate effects of Hurricane Harvey stalled and cancelled many Houston area real estate transactions, the market wasted no time in rebounding. During the months that followed, the Houston real estate market posted gains, and even closed out 2017 by setting new records, with single-family home sales up 3.5 percent over 2016.
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