Houston Home Prices Jump - Five Year HIGH!
In the Greater Houston Area's real estate market, something quite intriguing has occurred. Let's discuss how single-family home prices changed between May 2018 and May 2023.The typical selling price of a single-family home in May 2018 was $305,000. In May 2023, the average price had risen to a staggering $431,000 at this point.
Why does that matter? So, during the course of five years, the average price of a single-family home has climbed by around 41.31% since 2018.This increase in housing prices is evidence of the real estate market's expansion and demand. It's critical to remember that prices can change for a variety of reasons, including supply and demand, location, and the state of the economy as a whole.
As seen by a rise in the labor force, Houston's economy has grown. Houston's average hourly wage of $33 is higher than Texas' average of $31 and in line with the general US trend in hourly wages. Houston's population has increased by roughly 1.58% annually.
Remember that the real estate market is constantly shifting, so please contact me by phone or email if you need information that is particular to your financial situation.
Here is a graphic of the change over the last 5 years.
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(*Data taken from HAR.com)
Definitions: The average is the arithmetic mean of a set of numbers. The median is a numeric value that separates the higher half of a set from the lower half. I am sharing the Media, because the "average" sales price can be skewed by higher priced homes.
If you have further questions about the market please contact me at broker@marathon.realty or 832-827-3545.
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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