Are you tired of renting and thinking about settling down in a house instead? You might be a little intimidated by housing prices, especially in a big city.
However, it’s not safe to assume all cities have expensive housing. Houston’s housing market is actually quite affordable, relative to the city's size, amenities and demand levels. And trust us, there’s more demand than supply. Right now, there’s currently around 3 months of housing inventory left, while a 6-month supply indicates a balanced market.
Let’s take a look at the current state of Houston’s housing market.
A Brief Overview
In February 2015, average prices of townhomes and condos in Houston’s Inner Loop and surrounding suburbs sold for $200,191. The median price was $145,000, and according to Realtor.com, the overall average home price in Houston is $126,889. That’s very affordable for a fast growing city.
Of course, if you choose to live in certain neighborhoods inside the loop, such as Upper Kirby, it will be more expensive. However, the value appreciation is higher and the prices are still relatively inexpensive compared to other larger cities in the US.
Keep in mind that lower housing prices mean it’s typically cheaper to buy than to rent in Houston. If you plan on spending a few years in Houston, investing in a home is a much better option. You’ll have a stable place to call your own and raise a family, plus homes have been appreciating in value and are likely to continue that trend.
According to the Greater Houston Partnership’s recent Economy At A Glance, “Home prices reached record highs for a March with the average sales price of a single-family home increasing 6.5% to $276,837 and the median price of a single-family home rising 8.9% to $208,000.”
Let’s take a look at the housing prices in three popular neighborhoods in Houston, and what each has to offer.
The Museum District
If you’re looking for a location that has sprawling estates, condos, townhomes, and single-family homes, the Museum District has something for you. It’s a fantastic place to raise a family as it has 19 museums to visit – 11 of which are free.
Does having a park nearby sound more attractive to you? The Museum District has the Hermann Park which houses a mini-train that’s fun for everyone to ride. The Houston Zoo can also be found inside the park. It’s open year round, every day (except for Dec. 25th), which is perfect for keeping the kids (or yourself) entertained.
How much does it cost to live in the Museum District? The average price of Surge Homes in the area is $395,024 for townhomes and single-family homes. There’s also a second area of construction for townhomes that will average $402,225. According to Realtor.com, the average home price here is $727,013 as of June 2015.
If you want to live in an area full of parks and culture, the Museum District is an excellent choice.
Midtown
Midtown is currently going through a large phase of redevelopment and improvement as it has become a highly desirable area to live in. Both residential and commercial real estate developers are responding to the demand and need for modernization with more homes, shops, restaurants, and entertainment venues.
In 2014, the average price of Surge Homes on Crawford Street was $257,000 for all housing types. There’s another location on Main Street that consists of just condos, which has an average price of $270,659.
According to Realtor.com, the average home price in Midtown is $407,981 as of June 2015.
Now is a great time to buy while prices are still on the lower end, as they’ll likely rise when all the improvements to the neighborhood have been made. Townhomes are a popular choice here, though plenty of single-family homes are available as well.
Upper Kirby
Want to live on the luxurious side of town? Upper Kirby is the neighborhood you’re looking for. It’s a great place for empty-nesters, young professionals, and families alike as it’s close to everything. It even has three parks to frequent.
For those with kids, its school district is highly rated, and it’s located in a safe area that’s relatively walkable.
The average price of Surge Housing in Upper Kirby is $395,024 for townhomes and single-family properties. In June 2015, the average home price overall, according to Realtor.com, is $747,168.
Conclusion
It’s important to consider what ranks higher on your list of wants when it comes to housing. Do you want to be close to the action, near outdoor activities, or experience culture? Each neighborhood has something great to offer depending on your wants – you can’t go wrong.