The Houston area has been identified as one of the most overvalued housing markets in the US, with homes selling at a premium of 32-34%. Dallas was overrated by 46%, San Antonio by 30%, and Houston by 28%. Agents are selling homes at a faster rate and demanding higher prices for their sales. The Texas Housing Affordability Index has named Houston as the most affordable metropolitan area in Texas.
This index takes into account the amount of money people earn in a given city and how much money they need to earn to buy a home there. El Paso's strong employment growth, affordability, low vacancy rates, and high population of young households were key factors in the classification process. The economic effects of Hurricane Harvey have caused people to take a renewed interest in homes that were located in areas that weren't flooded. In terms of months of supply, Houston can become a real estate market for buyers if supply increases to more than five months of inventory.
This has made Houston a valuable “hot spot” for the US housing market. With its booming energy industry, diversity, and affordability, Houston is one of the country's top job generators. When deciding to buy or sell a home in the Houston area, it is wise to enlist the help of an experienced real estate agent. The pace of the market will be moderate and there will be no rapid price appreciation, as has been seen in the last two years.
Zillow's home price forecast for Houston, Harris County and Houston: The Woodlands-Sugar Land can be used as a reference. An agent on your side can help you ensure that you sell your home at the right price or make offers with a competitive advantage.
