Houston Real Estate Market: Prices | Trends | Forecast 2021
JUNE 26, 2021 BY MARCO SANTARELLI

Data by HAR. The forecast is an estimate from multiple sources. While it is deemed reliable, it is not guaranteed.

Latest Houston housing market trends:

The Greater Houston housing market recorded its twelfth consecutive month of positive sales. When compared to May of 2020, single-family home sales, overall property sales, and total dollar volume all increased. Pending sales, a forward-looking indicator of closed sales in one to three months, also increased by 12.4%.

Sales of single-family homes rose for the twelfth straight month in May and represent the biggest one-month year-over-year sales volume increase of all time. On a year-to-date basis, home sales are 29.5 percent ahead of 2020’s record pace. The single-family home average price rose 29.7 percent to $387,105 and the median price increased 21.7 percent to $304,000.

Home prices are soaring amid low inventory and low-interest rates. Some buyers are hitting the market to find they can’t compete with all-cash offers. In the upcoming spring season, the agents risk having extremely tight inventory for buyers especially with the prospect of rising mortgage interest rates.

Despite the pandemic, 2020 was a record-breaking year for the Houston real estate market. A record-breaking $35.3 billion worth of properties were sold (dollar volume).  Single-family home sales surpassed 2019’s record volume by more than 10 percent. According to HAR’s 2020 annual market report, sales of all property types for the year totaled 115,523, an 11.6% increase over 2019’s record volume and marks only the second time in history that total property sales broke the 100,000 level.

A record-high average price of $347,164 and a record-high median price of $273,443 was achieved in December. The Houston real estate market ran much ahead of 2019’s record pace. The average amount of days a home stays on market even shortened from an average of 59 days to 46 days. According to local agents, nothing stays on the market for long as buyers are buying homes at a fast pace by taking advantage of the record low mortgage rates. Record-low mortgage rates and a dearth of homes for sale are two key reasons that help explain why the Houston houisng market will be booming in 2021 as well…….. (for full article click on download button for Free “Info & Tips Doc”)

Disclaimer and Credits:

Please do not make any real estate or financial decisions based solely on the information found within this article. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. This article aimed to educate investors who are keen to invest in Houston real estate. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend doing your research and take the help of a real estate investment counselor.

REFERENCES:

Market Data, Trends, and Forecasts
https://www.har.com/content/mls
https://www.zillow.com/houston-tx/home-values
https://www.neighborhoodscout.com/tx/houston/real-estate
https://www.littlebighomes.com/real-estate-houston.html
https://www.realtor.com/realestateandhomes-search/Houston_TX/overview

Rental Statistics
https://www.rentcafe.com/average-rent-market-trends/us/tx/houston/
https://www.rentjungle.com/average-rent-in-houston-rent-trends/

Foreclosures
https://www.realtytrac.com/statsandtrends/foreclosuretrends/tx/harris-county/houston

Downtown Houston
https://www.downtownhouston.org/development

Houston After Hurricane Harvey
https://www.houstonproperties.com/hurricane-harvey-impact-houston-realestate
https://www.bizjournals.com/houston/news/2017/10/11/following-harvey-houston-sees-home-sales-rebound.html
http://www.chron.com/business/real-estate/article/Houston-real-estate-market-continues-post-Harvey-12341532.php
https://www.npr.org/2017/11/08/562903267/some-real-estate-investors-eager-to-buy-houston-homes-damaged-by-flooding

FILED UNDER: GROWTH MARKETS, HOUSING MARKET

About Marco Santarelli

Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property.  His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate.  He’s also the host of the top-rated podcast – Passive Real Estate Investing.