Houston’s Real Estate Market: Stabilizing and Booming

5.8.2023 4:59 pm 0 Comment(s)

Houston's real estate market has been through a lot since the start of the pandemic. However, things are starting to look up, and the market seems to be stabilizing. While interest rates have slightly decreased, they remain relatively high compared to previous years. As of May 2nd, 2023, the current interest rates for Houston, Texas are 6.85% for a 30-year fixed loan, 6.03% for a 15-year fixed loan, and 6.33% for a 5-year ARM.
Despite this, the Houston real estate market has remained relatively stable, with consistent appreciation rates and job growth. According to NeighborhoodScout.com's data, Houston real estate appreciated by nearly 98.71% over the last ten years, with an annual appreciation rate averaging 7.11%. The median price for a single-family home in March of 2023 was $325,000, which has remained within a narrow range of $315,000 to $325,000 since October 2022.
Although home prices appear to have stabilized, they are still higher than before the pandemic, with the peak being $355,000 in June 2022. However, there is a positive outlook for the future of Houston's real estate market. Zillow predicts that Houston's home values will go up by 0.1% between March 2023 to March 2024, indicating a stable market.
The steady job growth and decrease in unemployment rates indicate a healthy economy that could lead to continued demand for housing in Houston. According to the Greater Houston Partnership, Houston added over 30,000 new jobs in the first quarter of 2023, with gains in the professional and business services, construction, and healthcare sectors.
Overall, the current Houston housing market appears to be stable and consistent, with continued appreciation rates and job growth. While interest rates remain relatively high, they have slightly decreased in the past week. This means homebuyers can expect a more predictable market, but they may not see as much appreciation as in a rapidly appreciating market. Nevertheless, the future of Houston's real estate market is promising, with a positive outlook for continued growth and stability.

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