Houston-Area Real Estate Is Becoming More Affordable
With plenty of acreage to develop and a robust economy, Houston is one of those places where buyers have the power. Now, as COVID-19 ripples through markets around the world, Houston’s real estate becomes even more attractive with home prices still on the decline, because it means more people can afford more house at a great interest rate.
Of course, that’s assuming buyers still have equity or income to make transactions happen, and we have reason to believe that’s the case. As of June 1, the National Association of REALTORS® data showed that in a single week buyers in H-town closed on 2,401 homes. That’s 50 percent higher than it was last year at this time.
“Houston has done quite well and is more resilient than I think we originally gave it credit for,” Lesley Deutch, Managing Principal for John Burns Real Estate Consulting, told Forbes.
What’s more, Forbes also reported that real estate brokerage Compass recorded a staggering 80 percent jump in listings under contract in early May.
In other words, buyers are cashing in on the area’s affordable real estate. According to Zillow, the average home value in Houston is $191,907, significantly below the national average of $248,847, and much more affordable than other similarly sized cities.
In fact, Houston possesses the nation’s 7th largest economy. That beats other behemoths like Seattle where the average home value hovers around $707,906 and Denver where the average home value is $465,466. For those seeking economic opportunity, affordable housing, and all of the spoils of big city life, it’s hard to pass up Houston.
And depending on when a COVID-19 vaccine makes its way onto the market, which experts anticipate will be early 2021, many expect economies worldwide to start gaining steam - meaning that Houston’s real estate market is poised to catch fire. Are you prepared?
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