Investing in the Houston real estate market? Curious about its current performance? Look no further! In this article, we'll explore eight fascinating statistics that shed light on the Houston housing market. So, grab a cup of coffee and let's dive in!
Houston Has the Lowest Home Inventory in 13 Years
Did you know that housing inventory in Houston has reached its lowest point in 13 years? With only 3.5 months of housing supply available, the number of homes for sale has declined by 22.1 percent. This scarcity of available properties has created a competitive market for buyers.
Houston Home Sales Jumped 17% From Last Year
The Houston real estate market continues its upward trajectory with a 17% surge in home sales compared to last year. This impressive growth trend has been ongoing for the past 22 months, encompassing single-family homes, condos, and townhouses. Buyers are eager to seize the opportunities presented by this thriving market.
Condos & Townhome Sales Up 47% Year Over Year
The demand for condos and townhomes in Houston has skyrocketed, resulting in a remarkable 47.1% increase in sales compared to the previous year. As a result, inventory levels have significantly decreased from 6.8 months to 3.7 months. If you're in the market for a low-maintenance property, now might be the perfect time to explore these options.
Six “Close In” Houston Neighborhoods Posted 10%+ Appreciation Last Year
Certain Houston neighborhoods have experienced noteworthy appreciation in their average sold price per square foot. Six "Close In" neighborhoods, including Westbury, SouthSide Place, Houston Heights, Woodland Heights, Southgate, and Meyerland, witnessed double-digit appreciation ranging from 10% to 20%. Investing in these areas could potentially yield significant returns.
49,800 People Relocated to Houston
Houston's thriving job market has attracted a substantial influx of people. According to Forbes' Migration Data, an average of 4,100 individuals moved to Houston per month last year. Major corporations like Chevron, Direct Energy, and Exxon relocating employees to the city have contributed to the increased demand in the housing market.
Home Prices Rose By 6.5% From Last Year's Data
The limited supply and heightened demand in Houston have driven home prices to rise by an impressive 6.5%. This increase has resulted in the median price for single-family homes reaching an all-time high. Moreover, the average price rose by 4.6% year-over-year, marking the second-highest level ever recorded.
Housing Starts to Rise at 32%
Builders in Houston have been actively constructing new homes, with 6,442 new properties initiated recently. Additionally, they are projected to commence construction on 28,000 more properties. These new homes are expected to address the growing demand in the market, where supply is currently only at 1.9 months.
Houston Added 118,700 Jobs Over the Past 12 Months
Houston's robust economy continues to expand, with an impressive addition of 118,700 jobs over the past year. This substantial growth has resulted in a 1% drop in the unemployment rate, ranking Houston highly in terms of annual job growth. The city is poised for further expansion, with an anticipated 75,000 more jobs expected by year-end.
Conclusion
There you have it, eight intriguing Houston real estate market statistics that provide valuable insights for investors and homebuyers alike. With a thriving economy, rising home prices, and a shortage of inventory, the Houston housing market offers exciting opportunities. Remember, these statistics are vital for understanding the local market conditions and making informed decisions. Happy investing!
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