Houston Texas Real Estate Market Continues To Beat Predictions

By: Kim Buish

HOUSTON, TX. – If you follow the news like most people I’m sure you will agree with me that the downturn of the energy market here in Houston was cause for concern and many economists predicted that the Real Estate market would collapse with the price of oil but thankfully that hasn’t happened.

The Houston Texas Real Estate market continues to thrive and beat predictions by most economists and as for our jobs market, it continues to thrive thanks to the wide variety of companies that have relocated to Houston, and across Texas, this year including Toyota.

Dr. Robert W. Gilmer, Ph.D. at the Institute for Regional Forecasting at the University of Houston’s Bauer College of Business, recently wrote that the oil downturn may be deceiving to outsiders who assume “there is simply little economic stimulus at work.” Emphatically, Dr. Gilmer argues “Nothing could be further from the truth. Unlike the typical drilling collapse of recent years, this one is not accompanied by U.S. or global recession. Perhaps two-thirds of Houston’s job growth since 1990 has come from broad national economic trends, and the U.S. business cycle continues to work in our favor. Finally, in East Houston, the downstream refining and petrochemical industries are experiencing the greatest construction boom in the history of the Texas and Louisiana Gulf Coast with more than $50 billion in projects underway in Houston alone. Another 10,000 Houston-based construction workers are expected to be hired in 2016.”

Source – Forbes.com

Houston Texas Real Estate Market Stats

As of March 2016 the median home price for a typical home in Houston Texas was $145,700 and most economists predict that home prices here will continue to rise by another 2.3% over the next year.

Houston also continues to still make best of lists every month including best place to buy a home, and best place to raise a family because, cost of living here is still low compared to other states like California, and you can get more for your money here when buying a home.

Low Mortgage Interest Rates Are Helping

Another big thing that continues to help the Houston Texas Real Estate market is low mortgage interest rates which have remained near 4% or lower for much of the year and it’s predicted to stay historically low for the near future so now is without a doubt one of the best times in recent history to buy a home, especially in Houston Texas.

Learn More

To learn more about the Houston Texas Real Estate market contact me, Kim Buish, Realtor® with Red Door Realty & Associates by calling me at (713) 819-1642 or click here to connect with me online.