Like many markets across the US, it’s no exaggeration to say that Houston’s is currently scorching hot. Home sales are up and so are average house prices. It’s a seller’s market for sure, but many are questioning whether this kind of trend is sustainable.
Whether we’re in the midst of another bubble or not, the fact remains that at this moment in time, the real estate market in Houston is undeniably hot. So, what does this mean for buyers, sellers, and all those with stakes in the game? This guide will take you through everything you need to know about Houston’s housing market so you can make more sound and smart decisions—no matter which side of the market you’re on.
Houston Housing Market Trends
The Houston housing market appears to be following a similar trend to many across the US. An increase in demand has coupled with a shortage of available properties. The result is that house prices have risen and buyers are finding themselves in an increasingly competitive market.
Many experts are now suggesting that what is going on in markets across America is not a bubble and as such is an issue that can only be solved with the construction of more properties, to meet the growing demand.
Houston: An Attractive Prospect for Many Reasons
In 2019, 500,000 people moved to the state of Texas. The trend of migration to the lone star state is clearly not a new one. However, amid the coronavirus pandemic, this trend was accelerated to new levels by people looking for larger plots of land and to live more outdoor-oriented lives.
The prices of properties and land are two big draws for people in larger metropolitan areas such as New York and Los Angeles. Great job prospects and low tax rates are also attractive prospects. It’s not hard to see how demand has come to outstrip supply in Houston.
A Seller’s Market
Currently, Houston cannot be described as anything other than a seller’s market. House prices remain on the rise and buyers are finding themselves stuck in bidding wars that drive costs up even further. If you’re looking to buy a house, it is necessary to be patient and proactive.
If you want to sell your home, there are a number of options open to you. If you have the time and resources, it’s possible to wait around for the right buyer and command a high price. However, if you’d like to “sell my house as is” it’s certainly possible to do that too.
Navigating the Real Estate Market in Houston
Depending on whether you’re looking to buy or sell, the real estate market in Houston will be easier or more difficult to navigate. Either way, it can be worth consulting with a real estate agent to see what your best options are. If you’ve found this guide helpful, please check out the rest of our content.