Although Houston has faced challenges with weather and a slump in the oil industry, according to the latest reports the market is heating up. Currently, this state has the highest number of sales but also the healthiest inventory and all-time record prices. Real estate professionals feel strongly that home buying in Houston will continue on an upward climb.
Enjoying a Strong Housing Market
For single-family homes, sales increased 1.9 percent, jumping to 6,502 in April while sales for all property types increased 1.5 percent to 7,907. According to the Houston Association of Realtors (HAR), there was a significant jump from last year for total sales pending by 39.8 percent, hitting 6,717.
Along with this, inventory in Houston is up to an almost three month supply, a 9.6 climb from the same time last year. However, compared to the national average for inventory at 4.6 months, Houston continues to lag behind.
Another boost for sellers in Houston is record high sales prices. From 2014, the average cost for a single family home increased 4.3 percent. Last year, the average selling price was $209,700 but today, it is $281,724. There was also a 6 percent jump for total dollar volume for all properties, hitting over $2 billion.
Overall, things are looking really good for Houston. Predictions are that this city in particular will remain strong throughout the year, which benefits both buyers and sellers. The only possible hiccup has to do with job layoffs specific to the energy market.
As stated by Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties and HAR chairwoman, the number of lost jobs will be watched carefully. Depending on the level, home sales for the remainder of 2015 may or may not be impacted. At this time, it is really a wait and see type situation.
Houston, which is one of the largest cities in the state of Texas, has a hot real estate market. Compared to other cities throughout the country, Houston is in a healthy growing and changing stage. Competition right now is fierce for buyers and sellers, with homes moving quickly and at strong prices.
Key Houston Locations
The housing market is doing well in Houston as a whole but there are some specific neighborhoods that tend to be flourishing most.
· The Woodlands – Located 30 minutes from downtown Houston, this suburban neighborhood is new and a perfect place for raising a family. This community is unique, beautiful, diverse, and convenient. Included in the development are breathtaking views, stunning homes, plenty of parks and nature trails, and a magnificent golf course.
· The Heights – Another neighborhood in Houston currently in high demand is The Heights, which is situated just to the north of downtown. This community boasts single-family bungalows that were built during the 1920s through 1960s, creating a nostalgic charm. However, now that the community has been revitalized, it is of real interest to young families and professionals.
· Pearland and League City – This community is located south of Houston’s Medical Center, providing homeowners close proximity to the downtown area while still having a suburban feel. The community is a nice blend of older and newer homes, some with amazing waterfront views of the Gulf.