Houston Housing Market: Trends & Prices
Houston Real Estate Market Overview
(Last Updated – 7/2023)
Houston offers residents a unique blend of southern charm and a metropolitan feel. As the fourth most populous city in the U.S., Houston has over 2.3 million residents.
Houston was also named the fourth most diverse city in America by WalletHub and there are more than 145 languages spoken in the city.
And of course, who can forget Houston’s history of supporting space travel? Home to the Johnson Space Center, Houston has been the home base for training American astronauts for more than three decades.
Houston is one of the hottest hot real estate markets in the nation, largely due to its diverse economy, thriving energy industry, and strong demand for housing.
Redfin reports that the average house price in Houston increased by 0.6% in June 2023 compared to last year and typically only spent 22 days on the market.
Overall Houston Market Trends
Redfin’s real estate experts consider Houston to be a fairly competitive housing market with the average home price in Houston being $342,000.
Some homes in Houston receive multiple offers and more in-demand homes sell in just around six days.
$342,000
Avg. Home Price
$179
Avg. Price Per Sq. Ft
22 days
Avg. Time on Market
Houston Housing Market Forecast
If you’re looking to make Houston your longtime home, you may be curious about what the Houston housing market forecast looks like.
According to Zillow, Houston home values are expected to increase by 4.8% in the next year, which is a drastic change compared to the previous year’s growth.
Demographics of the Houston Market
There is a little bit of something for everyone in Houston. From opera performances to pro sporting events, everyone is sure to find some pleasant ways to pass their time spent in this vibrant city.
For nature lovers, Memorial Park’s 1,500 acres of greenery and outdoor recreational options like pools and tennis courts should do the trick.
Before you get your heart set on a specific Houston neighborhood, consider checking out a few fast facts about the demographics of Houston.
Median Income: $56,019
Median Age: 33.7
College Educated: 34.7%
Homeowners: 42.5%
Married: 44.2%
Popular Houston Neighborhoods
Many bustling neighborhoods make up the large city of Houston. This city is a melting pot of culture, art, food, and entertainment.
You may find it tricky to narrow down your top picks for neighborhoods in the expansive Houston, Texas housing market, so we did the work for you and rounded up some must-know facts about five popular Houston neighborhoods.
Afton Oaks
Enjoy a leisurely stroll amongst the rich canopy of old-growth hardwood trees that line the streets of Afton Oaks while you check out the single-family homes for sale in this historically rich neighborhood.
This residential community is home to over 500 homes and offers close proximity to thriving cultural, retail, and professional opportunities.
Quick Facts
Population:
23,318
Median Age:
35
Housing Units:
14,533
Bike Score:
58/100
Walk Score:
63/100
Transit Score:
43/100
Average Household Income:
$184,725
Afton Oaks Housing Market
Prospective Afton Oaks homebuyers have some leeway, but not much. The housing market in this charming Houston neighborhood is somewhat competitive at the moment and typically homes are on the market for 12 days.
Prices in the area are still on the rise, with the average home price in Afton Oaks having risen by a staggeromg 36.1% in May 2023 compared to last year.
Average Home Price
$1.08 million
Average Price Per Square Ft.
$395
Greater Heights
If you’re looking for close proximity to Downtown Houston, major freeways, and hubs of entertainment and employment, then Greater Heights may be the neighborhood you’ve been dreaming of.
This diverse neighborhood has plenty of single-family homes, bungalows, and townhomes to choose from and is known for having well-kept yards.
Quick Facts
Population:
42,064
Median Age:
34.6
Housing Units:
20,919
Bike Score:
63/100
Walk Score:
73/100
Transit Score:
45/100
Average Household Income:
$164,669
Greater Heights Housing Market
The Greater Heights housing market is heating up. In May 2023, home values in this neighborhood rose by 9% compared to last year.
Typically homes listed for sale in this area receive multiple offers and sell in only nine days. The good news for both buyers and sellers? Greater Heights homes sell for around list price on average.
Average Home Price
$662,000
Average Price Per Square Ft.
$313
Neartown – Montrose
This reportedly eclectic and bohemian-feeling community enjoys a rich history of attracting free-spirited and creative residents thanks to its affordable housing options that just so happen to be in close proximity to performance and entertainment venues. This evolving community offers vintage shops, trendy restaurants, and artistic pursuits galore.
Quick Facts
Population:
27,531
Median Age:
35.9
Housing Units:
17,849
Bike Score:
73/100
Walk Score:
86/100
Transit Score:
54/100
Average Household Income:
$168,415
Neartown – Montrose Housing Market
Housing prices in the Neartown – Montrose neighborhood are on the rise, (up 11.5% in May 2023 compared to last year) but buyers still have time to shop around. Houses generally spend 49 days on the market in this area.
If you happen to stumble upon your dream home, though, you may want to act fast. In-demand homes in this artsy neighborhood can sell for about list price and go pending in only around eight days.
Average Home Price
$640,000
Average Price Per Square Ft.
$253
Museum District
With 19 cultural institutions to explore in Houston’s Museum District, art lover residents will never be bored. The fun doesn’t stop at just fine and contemporary art.
Movie buffs can stop by the 4D theater and kids can enjoy the interactive Children’s Museum of Houston.
Quick Facts
Population:
5,999
Median Age:
33.8
Housing Units:
3,211
Bike Score:
75/100
Walk Score:
74/100
Transit Score:
63/100
Average Household Income:
$123,092
Museum District Housing Market
With all of the amazing attractions the Museum District has to offer, it’s a somewhat competitive housing market. Homes for sale sometimes receive multiple offers and they typically spend 57 days on the market.
Average Home Price
$529,000
Average Price Per Square Ft.
$206
University Place
Proximity to Rice University and the Texas Medical Center is all part of the appeal of living in the University Place neighborhood—as are the amazing shopping options in the Village shopping district.
This neighborhood is known for housing quite expensive homes that are deed-restricted.
Quick Facts
Population:
14,756
Median Age:
36
Housing Units:
6,952
Bike Score:
76/100
Walk Score:
72/100
Transit Score:
58/100
Average Household Income:
$204,411
University Place Housing Market
If you find your ideal home in the University Place housing market, then you may need to act quickly. Some homes for sale in this area get multiple offers. The homes can sell for around 3% below list price, so don’t be afraid to haggle a little.
Average Home Price
$903,000
Average Price Per Square Ft.
$309
SoFi Home Loans
It’s easy to see why Houston has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Houston could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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