The number of single-family homes sold in Houston in March 2021 jumped 24.2% from March 2020.
When was the last time you searched Houston real estate, attracted by the options you found?
With massive increases in sold properties, Houston remains one of the fastest-growing cities. You aren’t alone in looking at the plethora of housing options and exciting culture of Space City. But with such competition to settle down there, you need to stay aware of the Houston real estate trends and keep one step ahead.
Continue reading for the top three trends we see in this bustling real estate market, so you know when to make a move.
Employment Affects Houston Real Estate
Houston has seen the job market expand recently, even with the impact by COVID-19. The space, transportation, and health industries have led the charge for Houston’s need for new workforces.
Forecasts are strong for increasing jobs across select industries in Houston. This is attracting more young professionals and families to the city.
Further, the city continues to recover from lockdown, impacting job opportunities across sectors. As new jobs prevail in the city, so too does the need for houses.
Home Prices Increase
The city is living through a historical time with its pricing increase in the Houston real estate market—2021 has already watched prices rise about 10% on average from prior years.
This makes the city an attractive option for investing in Houston real estate.
Investors find more opportunities to buy a single or multi-family home. These investors see the need for new housing combined with decreasing desire among newcomers to buy. This makes a perfect condition for the right investor to take over Houston real estate.
An average home sells for about $250,000, depending on what neighborhood you are looking into. That means affordability in the market has changed from prior years. At these prices, national and international investors are finding financial success.
Finally, selling your property as is keeps home prices on the rise as new real estate opportunities hit the market.
Renting More Attractive than Buying
Prices of Houston real estate continue to rise. The increase impacts both real estate investors and potential homeowners in how they view the city’s property market.
One of the most prevalent Houston real estate trends is in the insistence on renting over purchasing homes. Houston’s affordability ranks as mid-range across top metropolitan areas in the United States. It is not hard to see why renting has become a popular option in this up-and-coming cityscape.
A thriving culture attracts city wanderers who find New York to be too overwhelming and San Francisco too expensive. Houston offers a wide range of activities and community diversity for everyone to find their niche.
The going price of a Houston apartment sits around $1700, making it an affordable big-city option.
Take Your Pick of Houston Real Estate 2021
Houston is becoming a go-to for those that want job opportunities, more affordable homes, and the cultural intrigue of a big-city lifestyle. The Houston real estate sees that interest as a reason to keep home prices on the rise and rental opportunities endless.
Are you trying to build your work portfolio and find opportunities in Space City? Read our blog for methods of making yourself an attractive job candidate and savvy homeowner.