HOUSTON, TEXAS – Hold on to the bubble, Houston home owners, because prices are flying! The Houston Association of Realtors reports that sales of single-family homes have grown 17% in 2013, while the median price rose 10 percent, from $170,000 to $188,500.
“I really don’t think we’re seeing a bubble in our Houston market,” said Chaille Ralph, 2014 HAR Chair. “We’ve just been consistently seeing growth happen. We had over 86,000 jobs that were created and moved into the Houston market in 2013.”
OK, we get it: it’s not only a seller’s market, but also these “new-comers pushing prices up” are kicking us far from the loop. Is that correct?
“We’re also seeing people in the city move. You know, from first-time home-buyers to selling and moving into their second home. And we also see some downsizing happening as well.”
More statistics? It now takes 2.6 months to sell an average home, compared to 3.7 months a year ago. Simply put, houses for sale disappear just like that!
So, if you’re planning on buying, you better be fast. In the end, it all comes down to who draws first. The best offer, obviously.
And if you’re selling: oh, boy! It feels good to live in Houston, don’t you think?