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Houston Real Estate Market Report

Houston Texas Real Estate Opportunities
Downtown Houston

Sitting far south in the state of Texas and not far from the Mexico border, the city of Houston is the fourth-largest city in all of the United States. More than 2 million people live within the borders of Houston itself, and a total of more than 6 million people make their home in the metro area that includes The Woodlands and Sugar Land. A global presence in a number of industries, the reasons are many for people to make the move to Houston and put down roots in this sun-drenched city. As with any world-class city, the entertainment, dining, and recreational activities are never-ending for those living in Houston.

When one thinks of industries that are well-known for being located in Houston, space exploration is probably the first that comes to mind. Houston is home to Mission Control for NASA at the Johnson Space Center. However, there is more to the business scene in Houston than just going to the moon. Energy is the main draw for many business people that relocate to Houston, mostly oil and natural gas. Major players in the energy business such as ConocoPhillips, Marathon Oil, Halliburton, National Oilwell Varco, and Frontier Oil can all be found here. Branching out into other industries, Houston is also home to Sysco, Kinder Morgan, Group 1 Automotive, and Baker Hughes.

The neighborhoods around Houston are divided pretty evenly along geographic lines. The communities to the West of the downtown area are predominantly wealthy with higher housing prices and lower crime rates. Moving east of the city, lower priced housing can be found in some neighborhoods that have a lower level of economic activity. For those looking to spend a million dollars or more on a home, neighborhoods such as Plaza East, Woods of Northgate, Village of Northgate Forest, University Place, and Kings River Estates are great places to start. However, with a budget of less than $100,000, plenty of housing options can still be seen. Fondren Gardens, Woodland Oaks, Pine Trails, Pheasant Run, Inwood Northwest, Cypres Station, and North View all fit that description and represent a great chance to own a home for less than is possible in many other cities.

One of the youngest cities in all of the country, Houston is multi-cultural and is home to people of just about every different race imaginable. The three most prominent races in the city are Hispanics, which make up 44% of the population, Blacks, which make up 24%, and Whites, which represent 26% of the city. The total population of the city of Houston has steadily grown over the past century, with an increase seen at every ten year interval. The median income in Houston is only slightly below average which, when combined with the lower house prices, makes Houston one of the more affordable cities in the country to call home.

Sunset in Galveston Texas
Sunset in Galveston, Texas, less than
an hour away from Downtown Houston

As is seen in other parts of Texas, Houston housing is predominantly made up of single family homes. More than three quarters of the people of the city of Houston live in single family dwellings, which can be attributed to the abundant and cheap land on which to build houses. The market is split pretty evenly between people who rent and those who own their homes. There is also a good distribution of home size, with 13% being less than 1,000 square feet, and also 13% being between 2,400 and 3,600 square feet. Whether a buyer is looking for something small or large, new or old, cheap or expensive, there is something to fit every shopper in the Houston real estate market.

That market is bucking a national trend of late with 2013 real estate prices in Houston actually having declined slightly over last year. While most of the nation sees a recovery in prices and consumer confidence, that effect is yet to hit the Houston area. The median sales price for a residential real estate sale is at just under $100,000, which is 5% lower than last year at the same time. Likewise, the average listing price is down slightly, as is the total number of sales. Because of these facts, now is still a good time to buy in Houston, so long as a buyer can find the type of property they are looking for among the reduced levels of inventory.

Houston is a major player in many world markets and is home to more than 6 million people within the city and surrounding communities. While the housing market in Houston is still somewhat stagnant, there are many reasons that Houston deserves consideration as a new place to call home. For those who are being brought to the city by a change of job or just looking for a fresh start, the diversity in the neighborhoods means that everyone should be able to find somewhere that they feel comfortable and ready to settle down.

Are You Having a Tough Time:

  • Finding competent Realtors that know the Houston market?
  • Getting your home ready for sale?
  • Deciding where to buy a house or how much house you can afford?
  • Finding a real estate agent that knows the Houston market inside and out?
  • Determining if a real estate agent is really any good, and if they're honest and trustworthy?
  • You need to meet the AgentHarvest® Elite™ Rated Agents we hand-picked and recommend in the Houston Area.

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Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370

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