According to the 2017 Texas Real Estate Year in Review released in March, home sales volume and home prices have reached an all-time high for the third year in a row in Texas. That means buyers should getting into this hot home market as soon as they can while prices are still within reach.
“Despite the devastation of Hurricane Harvey, the Texas housing market had a very strong fourth quarter, helping solidify 2017 as another record-breaking year in Texas real estate,” said Kaki Lybbert, chairman of the Texas Association of Realtors.
Zillow studied the 35 largest U.S. housing markets to determine which are the best for first-time homebuyers, considering things like affordability and strong forecasted home value appreciation. Among Texas cities, Houston ranked highest as the best for first-time buyers.
Mirroring that ranking, last year brought a 4 percent increase in sales statewide, and active listings increased 5.5 percent, giving buyers a wide choice in home style and locations. In Houston, Surge Homes built its Parc at Midtown community of townhomes and condominiums in one of the city’s popular Inner Loop neighborhoods and it became the fastest-selling “attached new residential subdivision” in Harris County, according to Meyers Research LLC.
“With nearly 400,000 people moving to Texas in 2017, our sales volume is up,” notes Steve Malcolm, economist for Surge Homes. “Because of that, prices are expected to rise, making now the best time to buy.”
An influx of new residents from major international locations and cities such as New York, San Francisco and Los Angeles, which are known for their space-efficient housing, has boosted the desire to bring these home types to Houston’s urban center. Those buyers – including millennials, empty nesters – appreciate the nightlife, restaurants and shopping found in these walkable neighborhoods.
For instance, Surge Homes offers stylish, more space-efficient townhomes and condominiums ranging from one- to three-bedrooms in the most sought-after areas of the city, including Midtown, Upper Kirby, the Museum District and Greater Heights. The developer was the first to offer its innovative micro condo floor plans, which have proven to be very popular.
“Buyers are particularly interested in areas of the city that were not affected by Harvey floods,” said Malcolm, “and that includes many neighborhoods inside the Loop. Because of the hurricane, many investors are becoming interested in these areas as well, meaning homebuyers need to move quickly to get into their preferred location while there is still affordable inventory in our fast-growing city.”
