Houston Housing Market In Good Shape

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Contrary to popular opinion due to the drop in oil prices, the Houston housing market is in good shape. Real estate sales are still hot and population is still growing. Houston, Tx is still a fantastic place to live. No matter where you live in Houston or what kind of home you live in – townhome, single family home, multi unit home, it doesn’t matter, all are experiencing robust growth. Here are some examples of recent articles about the robust real estate growth in Houston:

Housing Market Remains Robust in Houston Despite Oil Slump

Take for instance an area known as Denver Harbor, which is sandwiched along the East Freeway and just north of the soccer stadium. Crews continue to build new townhomes with average prices on the rise.

Tim Surratt is a real estate agent with Greenwood King Properties. Surratt told abc13 the neighborhood is up and coming.

He said when you compare it with other communities like Upper Kirby or Montrose, you certainly can get more house for a whole lot less.

“Denver Harbor is three minutes from downtown. So it’s close to everything, the average price is in the $130,000s,” said Surratt. “That’s a great option for first time buyers who’ve been squeezed out of the market. For instance, where we are right here, these townhomes are $800,000 so the first time buyer can’t really get into that.”

Real estate brokerage predicts Houston’s hottest neighborhoods of 2016

Popular real estate brokerage Redfin has released its predictions for the Hottest Neighborhoods of 2016. 

The study looked at public transit, affordability and “charm,” or desirability of the neighborhood.

Westmoreland, within the Montrose area, ranks No. 13 in the nation for its high “walk score”, good schools and convenience to downtown.

Austin’s Hyde Park neighborhood took the No. 4 spot on the top 10 list.

“A lot of folks have nervously anticipated that falling oil prices would have a devastating effect on real estate, but so far, the Houston market has weathered the energy downturn without dramatic shifts in sales and pricing,” says HAR Chairman Mario Arriaga with First Group. “The most noticeable impact has been declines in the luxury market, but mid-range housing actually saw a healthy sales volume in January and inventory levels grew.”

Home prices increased, too. The median price of a single-family home sold in January was $200,000, up more than 5 percent from a year ago, HAR reports.

The inventory of homes for sale remains fairly tight in the Houston area and many parts of the local economy are strong, says Ted C. Jones, chief economist for Stewart Title of Houston.  So 2016 may be less robust than 2015, but the declines are not expected to be severe, Jones says.

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