Expect a Booming Real Estate Market in Houston for Spring 2014

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Real Estate Market Update for Houston in April 2014

I am going to be short and to the point today. I realize your time is valuable, so I have prepared a quick snapshot to let you know what is happening with Houston real estate. In general, the Houston market is red-hot with activity.

• There is currently only 2.6 months of inventory: This goes for all of Houston, but there are a few areas where we're seeing even lower levels of inventory like Memorial and Bellaire.
• The national average for inventory is 4.9 months, so this would help to explain exactly why our home prices are rising.
• Houston actually just experienced the 34th consecutive month where we have seen home prices increase.
• The average home price in Houston is up by 12%. The rental market is doing well too, with a price increase of 19%.
• The best segment of the market are homes that are $500,000 and above - their prices have risen by 28%.
• Homes in the $250K-$500K range have increased in price by 17%.
• We're seeing huge gains in home value, and these would probably be driven up further if there was more inventory around.
• There is a lot of new construction going on in Houston, and new subdivisions are experiencing an exponential amount of growth. Riverstone in the southwest part of the city is preparing to build 900 new homes. This is very promising for the future of real estate in Houston.

This is all I have for you today, but be sure to tune in to my report for the end of April where I will be discussing changes to Flood Insurance and how it might affect you.

So, if you're looking to buy or sell in Houston, or if you need any other information, then please give me a call.