Houston Housing Market: Trends & Prices
Houston Real Estate Market Overview
(Last Updated – 06/2020)
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 2.3 million residents.
Houston was even named the 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 expected to see housing prices rise in the future due to low housing supplies combined with population growth according to 2019 real estate analysis conducted by research firm Natixis.
Redfin reports that the average house price in Houston increased by 6.2% since this time in 2019, and typically only spent 44 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 $239,000.
Some homes in Houston receive multiple offers and more in-demand homes sell in just around 11 days.
$235,000
Avg. Home Price
$114
Avg. Price Per Sq. Ft
41 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 fall by 1.5% 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: $51,203
Median Age: 33.1
College Educated: 14%
Homeowners: 42%
Married: 47%
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 – River Oaks
Enjoy a leisurely stroll amongst the rich canopy of old-growth hardwood trees that lines 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:
21,271
Median Age:
36
Housing Units:
13,019
Bike Score:
54
Walk Score:
62
Transit Score:
47
Average Household Income:
$177,841
Afton Oaks – River Oaks Housing Market
Prospective Afton Oaks homebuyers are in luck. The housing market in this charming Houston neighborhood is not considered to be super competitive at the moment and typically homes are on the market for 60 days.
While you may have your pick of homes, the prices are still on the rise, with the average home price in Afton Oaks having risen by 36.8% since last year.
Average Home Price
$970,000
Average Price Per Sqare Ft.
$390
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:
48,432
Median Age:
29.3
Housing Units:
15,236
Bike Score:
44
Walk Score:
38
Transit Score:
38
Average Household Income:
$56,406
Greater Heights Housing Market
The Greater Heights housing market is heating up! In the past year, home values in this neighborhood have decreased by 7.8%.
Typically homes listed for sale in this area receive multiple offers and sell in around 33 days. The good news for buyers? Greater Heights homes sell for 2% below list price on average.
Average Home Price
$481,000
Average Price Per Square Ft.
$241
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:
26,657
Median Age:
34.6
Housing Units:
16,820
Bike Score:
73
Walk Score:
85
Transit Score:
55
Average Household Income:
$152,380
Neartown – Montrose Housing Market
Housing prices in the Neartown – Montrose neighborhood are on the rise, (over 24% growth since last year) but buyers still have time to shop around. Houses generally spend 67 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 1% below list price and sell in around 17 days.
Average Home Price
$545,000
Average Price Per Square Ft.
$248
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:
6,276
Median Age:
34.6
Housing Units:
3,075
Bike Score:
74
Walk Score:
73
Transit Score:
64
Average Household Income:
$117,371
Museum District Housing Market
Despite all of the amazing attractions the Museum District has to offer, it’s not a super competitive housing market. Homes for sale rarely receive multiple offers and they typically spend 55 days on the market.
Average Home Price
$465,000
Average Price Per Square Ft.
$198
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:
14,208
Median Age:
34.1
Housing Units:
6,665
Bike Score:
74
Walk Score:
70
Transit Score:
59
Average Household Income:
$197,888
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 4% below list price, so don’t be afraid to haggle a little.
Average Home Price
$583,000
Average Price Per Square Ft.
$230
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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