Real Estate Market Trends in Houston

Real Estate Market Trends in Houston

Nov 29, 2016

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.