Will Houston’s Dreamy Real Estate Market Last?
Posted on March 5, 2014 | Back to blogHouston Real Estate
Real estate dreams
A pro-business regulatory environment, low unemployment, decent weather, and nearby industry keep Houston’s real estate market hopping while the rest of the country sleeps.
The housing market grew by huge margins recently, with positive upticks in home prices showing signs of a real life Houston real estate recovery.
The big question on the minds of Houston’s real estate pros is will it keep going? Will our dream real estate market carry through 2014, into 2015 and beyond? Or will it sputter and flatten out in 6 months?
Look at the data
If your local real estate market traded on the NYSE, its stock price would be expressed as the average price of a home. Price action is important. Let’s look at what’s going on in Houston.
Houston’s year-over-year price action is +7%. Better still, the forecast for next year is more of the same but at a slower pace. Zillow calls it a 3% gain by next year.
What makes for a healthy housing market?
All it takes is a vibrant local economy with lots of jobs where people earn a living wage. Houston has that. See for yourself:
Even in the midst of the “worst recession in US history,” Houston manufacturing wages increased to the tune of almost $2 an hour.
People with good jobs got paid more. What about the people who didn’t have jobs? How are they doing? Did they find jobs? Check out the employment figures for Houston’s oil industry:
Houston is grand central for decent-paying oil jobs.
You shouldn’t be surprised. Houston is a happening place, one where local business works hard to increase the size and scope of the local economy. We’re not the only people who think so. According to data compiled by Atlas Van Lines, Texas sports the 3rd highest number of inbound moves for 2013.
That means people are moving to Texas in droves.
Probably because of all the good jobs, reasonably priced houses, good weather, and the most pro-business regulatory environment in the United States of America. There are a lot of good reasons to want to be a part of what’s happening in Houston, and we expect the good times to keep on rolling right through 2014 and beyond.
Zillow says 3%? Let’s make it 5%. 🙂