Houston Housing Market Climbs to $350K Average Amid Upward Trend in April 2023

Overview of Houston Real Estate Market Trends

The Houston real estate market exhibits a noteworthy upward trajectory in property values, making it a region of interest for potential homeowners and investors alike. The numbers speak volumes; Houston’s average property value has witnessed a climb from roughly $320,000 in May of the previous year to a robust $350,000 as of April this year. This incremental rise showcases the city’s healthy and expanding real estate environment.

Read our last report on the state of the real estate trends in Houston >>.

Digging deeper into specific data points, the sale per square foot value also portrays a similar hike. Beginning at $159 in May last year and progressing to $172 by April of the current year, this uptrend underscores the increasing cost of property on a per-unit basis, which is essential for understanding overall market health from an investment perspective.

Housing Market Summary for Houston, TX

The average sale price is $289,703 in Houston, which is less than the listing average. This discrepancy may indicate that while sellers are aiming high, buyers are negotiating better deals. Such statistics suggest that despite a seller’s market, there is room for negotiation.

Property volume, too, is subject to fluctuations, as seen in the variance in property count, with a dip from 475 properties in April to 416 in February. Conversely, the property sold count showed an increase, with figures rising from 17,106 in April to 18,324 in January, which could suggest a seasonality effect or varying market absorption rates.

Comparative Market Analysis and Nearby Trends

Bellaire, TX, a city just adjacent to Houston, casts a stark contrast with significantly higher property values. Bellaire’s average value in April stands at an imposing $699,000, coupled with an impressive sale per square foot value of $349. These figures starkly dwarf Houston’s $350,000 average value and $172 sale per square foot. The distinction implies a more expensive and possibly more sought-after real estate market in Bellaire.

The market diversity in Houston is also apparent when one looks at the range of average property values across different zip codes. This variability signifies that location is a key determinant of property value within the city, stressing the importance of area-specific research for prospective buyers.

April Snapshot: Houston and Its Neighbors

A glimpse into April’s data provides a clear picture of the real estate pulse in Houston and neighboring cities. The average property value in Houston holds at $350,000 with a sale per square foot average of $172. The property count is reported at 475, with approximately 17,106 properties sold, rendering an average sale price lower than the listing price at around $289,703.

Nearby cities offer a variation in terms of value and affordability. Bellaire overshadows with its premium property values, whereas Galena Park entries offer a more modest average value at $99,700 and an average sale price of $177,313, which is significantly higher than the average value, a curious outlier. This could reflect a limited property count and unique market conditions specific to that area.

Stafford and Pasadena tow along with average values of $289,900 and $184,950, respectively. Stafford’s average sale price exceeds its average value, while Pasadena shows a considerable average sale price of $230,500. These numbers suggest differing market conditions which could range from local economic factors to buyer preferences.

Lastly, Humble, with an average value of $337,500 and an average sale price of $292,741, reflects a market similar to Houston’s, yet distinct in its own right. Their respective average sale prices and sale per square foot values of $139 and $136 show potential for investment and homebuying opportunities at varied price points.

Utilizing these data-laden insights, stakeholders in the Houston real estate arena can navigate the markets with an informed perspective, applying such knowledge to strategic planning, whether for buying, selling, or investing.