In the last quarter of 2018, predictions showed that Houston would be back among the housing markets in the United States. According to the report, the Houston real estate market would perform better than in 2017.
In 2019, the home prices growth in Houston shows slight dips, with forecasts of smaller gains this year than last year. However, the home values in the Houston housing market are likely to rise, mainly due to population growth.
The Real Estate Market of Houston in 2019
Delving into some crucial real estate market trends for Houston, it is evident that Houston scored best in terms of industrial investments. These include multifamily homes, hotels, housing, and retail stores. In fact, Houston is the second-fastest-growing metro area in terms of housing affordability last year.
This is great news for the people planning to make their way for real estate investment to the second fastest-growing city of the U.S. Many realtors agree that Houston boasts a strong real estate market that offers a plethora of opportunities for people relocating there.
The low unemployment rates accompanied with improving oil prices and the low-interest rates- expectedly, 2019 is likely to remain the strongest year for Houston economy than last few years. Not to mention, the lower interest rates provide perennial opportunities for property buyers and sellers.
Houston Real Estate Market Trends to Look for in 2019
A couple of a few years back, the housing market of Houston experienced depressed inventory levels. Therefore, there were not enough houses on the real market to meet buyers’ demand. This is one of the major reasons why home prices in Houston rose significantly.
However, the Houston Association of REALTORS® unveiled the major increase in single-family home sales recorded in the first quarter of this year. In Houston, the single-family home sales increased by 7.8 percent than last year, as per the MLS report published by HAR (Houston Association of Realtors) in May 2019. The stats revealed the biggest increase this year.
From a buyer’s perspective, the real estate market is still improving; if home sales continue to grow, it can ease the competition among homebuyers. While many economists have predicted a slight increase in home prices, significant inventory growth would help create a balance between supply and demand.
Final Words
The recent real estate market trends show that Houston is steadily climbing up to the list of the hottest housing market. While considering the investment opportunities and population growth the place has, Houston has become one of the first cities interested investors and buyers are turning to.
With strong job growth, ensured returns, and low costs of living, Houston has lured a large number of people, and thus the home sales are continuously rising in the town. That said, interested buyers should consider investing their money in Houston real estate in 2019. However, prospects must ensure to choose the best deals on properties with due diligence.
Sources:
- https://www.mashvisor.com/blog/2019-houston-housing-market-predictions/
- https://www.bizjournals.com/houston/news/2019/06/12/houston-s-housing-market-sees-increases-across-the.html
- http://www.noradarealestate.com/blog/houston-real-estate-market/#Hottest_Houston_Real_Estate_Market_Insight_2019
- https://www.chron.com/news/article/On-the-move-Midyear-look-at-Houston-s-real-13913658.php