Buying the right home or selling your current home at the right time can be difficult; it can heavily depend on your needs in addition to what’s currently going on in the real estate market. Factors such as the economy play a huge role in how the market will turn out throughout the year. Trying to buy or sell a home in Houston before the year is up? Check out these 2016 real estate market trends in the fourth largest city in the nation:
Houston Economy Statistics
- The unemployment rate in Houston as of the beginning of 2016 is 4.9%. This number remains under the national average, and continues to positively move forward.
- The job growth rate within one year is 0.2%.
- The median household income in Houston is $59,354.
- The population of Houston as of the beginning of 2016 was 2,239,558.
Houston Real Estate Market Statistics and Trends
- The average home price in Houston as of the beginning of 2016 is $208,000. The national average price of a home is $215,767.
- Homes purchased in Houston a year ago have appreciated an average of $11,062, with a 3.8% rate. The national average over the same period is $15,781. When it comes to appreciation rates for a home purchased 3 years ago or over, the Houston real estate market has surpassed the national average by at least $3,805.
- One of Houston real estate’s best improvements is in home affordability. Houston homeowners paid roughly 7.7% of their income towards monthly mortgage payments; the national average is nearly double that amount.
- New housing construction in Houston has decreased compared to previous years and seems to have bottomed out. Although this may seem like bad news to homebuyers, it’s a great time for investors to make additional investments. As long as home building continues at a steady rate, there should be no worry about increasing home prices.