Investing in real estate in Houston? Discover the latest insights into the Houston housing market with these eight intriguing statistics.
UPDATE: While we have just released our 2022 Houston Real Estate Market Forecast, the statistics provided here are still valuable for understanding the historical performance of the Houston real estate market.
Are you considering purchasing a property in Houston? If so, you may be encountering multiple offers, backup contracts, and long lines at open houses. The Houston real estate market is booming, and it's important to understand the current trends. Here are eight shocking Houston real estate statistics that will give you some valuable insights.
1) Houston has the lowest home inventory in 13 years
The housing inventory in Houston has reached a 13-year low, with only 3.5 months' worth of available properties. This is a 22.1% decrease in available homes for sale compared to previous years.
2) Houston Home Sales Jumped 17% From Last Year
Sales in the Houston real estate market have experienced a significant surge, with a 17% increase compared to the previous year. Single-family homes, condos, and townhouses are all experiencing record-breaking sales numbers.
3) Condos & Townhome Sales Up 47% Year Over Year
Sales of townhouses and condominiums in Houston have skyrocketed by 47.1% compared to the previous year. Additionally, the inventory for these properties has decreased to 3.7 months from 6.8 months.
4) Six “Close In” Houston Neighborhoods Posted 10%+ Appreciation Last Year
Several Houston neighborhoods have experienced double-digit appreciation in average sold price per square foot. These neighborhoods include Westbury (20%), Southside Place (17%), Houston Heights (13%), Woodland Heights (12%), Southgate (12%), and Meyerland (11%).
5) 49,800 People Relocated To Houston
According to Forbes' Migration Data, an average of 4,100 people moved to Houston per month last year. With major companies like Chevron, Direct Energy, and Exxon relocating employees to Houston, the demand for housing in the area is significantly increasing.
6) Home Prices Rose By 6.5% From Last Year's Data
Due to the low supply and high demand, home prices in Houston have appreciated by 6.5%. This increase has resulted in all-time high median and average prices for single-family homes.
7) Housing starts to rise at 32%
Builders have started construction on 6,442 new homes in Houston, with plans to initiate the construction of 28,000 properties in the future. These new homes are expected to meet the growing demand in the market.
8) Houston Added 118,700 Jobs Over the Past 12 Months
With 118,700 new jobs and a 1% drop in the unemployment rate, Houston ranks high in terms of annual job growth. The local economy is projected to expand and increase employment opportunities, with an expected 3.2% annual job growth over the next five years.
Conclusion
These eight Houston real estate market statistics provide valuable insights into the current state of the market. Whether you're an investor or looking to buy a home, understanding these trends can help you make informed decisions. Keep in mind that Houston's real estate market is highly competitive, so it's essential to work with a trusted realtor who can guide you through the process.
To learn more about the Houston Properties Team and how they can assist you in your real estate journey, visit their website.
Note: The information provided in this article is for informational purposes only and is not guaranteed to be accurate. Always consult with a professional real estate agent for personalized advice.