The average home price in Houston rose to a new record high in June. The market has continued to heat up for months, but sales volumes are starting to decline. This is the first time home sales have declined in more than two years. But the housing market is still poised for continued increases. Among forecasters, the average home price is expected to increase 3 percent this year. In the long term, home prices in the Houston area are expected to increase steadily.
Homebuyers will find many properties to choose from in the Houston real estate market. Prices are relatively affordable and can be a good deal for buyers on a tight budget. Renting is much cheaper, especially after accounting for property taxes, insurance, and maintenance. There are also many high-rise and mid-rise properties for sale in Houston. These neighborhoods are centrally located, and offer a wide range of amenities.
One of the main factors that contribute to the home price in Houston is location. The metropolitan area is home to a high number of residents. A higher population means a larger demand for resources. For example, the crime rate in Houston is higher than the national average. That may deter potential homebuyers. However, there are several measures that can be taken to help decrease the chance of being a victim of a home invasion.
Another factor that is driving the price up is the lack of inventory. Homes are on the market for a shorter amount of time than they were two years ago. In December, the average listing age was 46 days. This is lower than the average of 38 days in September 2021. As a result, sales are more competitive, and buyers are forced to make offers fast.
Despite the low supply, the demand for homes continues to outstrip the inventory. Homes on the market are selling for 17 percent more than the average for this time last year. Overall, the price of a home in Houston increased by $40,000.
While the average home price in Houston has soared, prices are not likely to stay this high in the future. It is expected that home sales will decrease 10-18 percent by the end of the year. Though Houston’s average home price is a bargain compared to other cities, it may not be good news for non-luxury buyers.
The market is also expected to remain competitive, with new listings coming on the market more slowly than in recent years. The number of homes for sale in Houston, TX is expected to continue to fall, as well. If the price of a home is high, it is a good idea to make an offer quickly.
The average sale price of a single-family home in Houston is lower than Dallas homes. At the same time, the number of single-family home sales in the Houston area was up 4.1 percent from a year earlier. With the shortage of inventory, the Houston housing market is a seller’s market. Buyers are motivated by the prospect of a low interest rate. They are also drawn to the city’s educational opportunities.