In Houston these days, it is common to hear how “hot” the real estate market is, along with a few personal home selling or buying stories. Well, here are some statistics from industry experts to provide tangible quantitative data to support or dispel the stories you may have been hearing around town.
Jonathan Smoke, chief economist for realtor.com, said in an email, “The Houston market has been one of the best housing markets in the country coming out of the recession as its economy has been one of the strongest and fastest growing. The market is not just recovering — it’s actually setting new highs in employment and home prices.”
Houston landed in the top 12 fastest-selling housing markets in the nation, among 140 cities examined by a realtor.com report in September 2014. While homes across the U.S. spent a median of 90 days on the market, homes in Houston spent 54 days on the market (a drop of 15.6 % over September 2013).
This year, Houston has 25% lower housing inventory than a year ago, with only 16,386 homes for sale on the market in September, according to realtor.com. As a comparison, the level of housing inventory nationwide declined by only 2.7% over the same time period. This shortage explains the 23% increase in median list price in the Houston area, to $247,006, compared to a year earlier.
Moreover, “[t]he Houston market is forecasted by Nielsen to see population growth of almost 9% over the next 5 years, which is more than twice the national level of growth,” Smoke said. “The forecasted population growth is across all age levels, but 65+ households are expected to grow more than 30 percent.”
For the full story, visit: http://blog.chron.com/primeproperty/2014/10/houston-among-fastest-selling-markets-for-home-sales/