Houston Housing Market Today
How's the Market Trish?
This is the question I get on the DAILY it seems these days. Well in short, the housing market in Houston is a great! Right now it's one of the best places to invest in property-- totally my opinion but you asked. Whether you’re a current homeowner looking to upgrade to a larger residence or you’re just entering the housing market, there’s never been a better time to buy.
Now, I gave you my opinion up front but here's why I feel this way. Real estate prices here in Houston have been on the rise over the past few years; with an increase of 24.3% over the past year, investors and homebuyers are seeing a strong return on their investment. Even more impressive is the recent appreciation rate of 6.5% over the past three months, indicating a strong and positive trend in the market.
Now let's deep dive into this a little further, shall we.
List of Services
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AffordabilityList Item 1
First, let’s look at affordability. Home prices have remained relatively stable throughout the Houston area, making it an exceptionally good value for buyers looking for deals. The median list price for Houston homes is $325,000. That’s relatively low compared to nearby metro areas like San Antonio (median list price of $410,000) and Dallas (median list price of $449,000). That’s quite a savings and makes Living in Houston an attractive option.
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InventoryList Item 2
Houston also has a healthy inventory of homes. Currently, there are a total of 41,000 active listings, with more homes coming to the market each month. You won’t feel rushed to make an offer on the first decent home you see, as there’ll be plenty of options to choose from. This is an advantage that existing homeowners have as they can take their time to find the perfect home for their needs.
There’s also interesting 2015-2019 data that shows Houston is increasing the number of large families buying new homes. Large homes, defined as having at least four bedrooms, accounted for more than half of all sales in 2019. This trend looks to continue, making it a great time to buy for larger families as well.
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The Mortgage MarketList Item 3
When it comes to the mortgage market, lenders are still offering low interest rates. With the average 30-year mortgage rate hovering at about 6.58%, Houston homeowners can enjoy the financial benefits of a low mortgage rate. Plus with the rising market, it’s a great opportunity to get a more expensive home than you previously thought possible.
So as I said, the H-Town housing market offers plenty of advantages for buyers. Tons of options, affordable prices, and low interest rates make it the perfect time for buyers to find their ideal home. Plus with the rising housing market, it’s a great opportunity to invest in your future and make a savvy real estate purchase. Now is definitely the time to buy in Houston! I hope this helped. Let me know what you think and always feel free to reach out to me for any other questions or resources you need!
