The Houston real estate market is on a definite upswing from prior years. Houston had been considered a relatively inexpensive place to buy a home. Because of this Houston has had a record-breaking 28-month streak of positive home sales. This has caused inventory of available houses to drop to 3.2 percent since last this time last year. With over 6,000 single-family homes closed on this year already, Houston plants itself as one of the most successful housing markets in the nation.
Buyers looking for homes in Houston can expect to pay on average about $248,000, which can be attributed to job growth, low interest rates and more middle class home buyers looking for homes in this range. Homes that cost below $100,000 saw a drop in sales, as more families are looking for homes in the $200,000 and above category. Housing prices continue to rise in Houston, which helps build the overall economy of the area.
In Houston foreclosed property sales decreased, and only about 7% of all sales are on foreclosed properties. The average price of a foreclosed property is $87,000. This signifies the change towards home buyers looking for the best houses in their price range, rather than looking for cheaper, foreclosed homes. Many prospective home buyers want a home without the strings attached that a foreclosed home may bring. All in all, the real estate market in Houston is on an upswing. Demand is high; inventory is low-which means that buyers may have to search long and hard for their dream home.