After the devastating effects of hurricane Harvey you might have thought otherwise, but the Houston property market has stayed well afloat. According to an article in the New York Times, “Houston’s unsinkable housing market is undaunted by the storm”.
The Houston property market enjoyed record years in 2014 and 2015, both for sales and prices. As far as 2016 goes, experts predict more of the same but at a lower level, a situation leading to a healthy market. In this article, BRIC Group summarises what to expect if you’re buying property in Houston this year.
Despite falling oil prices, the Houston property market is maintaining a brisk rate of sales and price increases. August was one of the best months on record as Houston continued to see a steady influx of new residents drawn by the opportunities offered in the Texan city.
US property prices continue their upward trend and rose nationally by 6.9 per cent in the year to July. Furthermore, analysts predict further price increases over the next 12 months when they expect an average rise of 4.7 per cent. The price of property, however, still remains below its historic high.
Property sales and prices continue to rise in Houston while inventory levels remain well below the national rate. This added to high rental rates and the recent stabilisation in oil prices leads experts to predict a seller’s market for Houston property for what remains of the year.
Oil prices may have fallen, but the US energy capital Texas continues to lead the nation. This is particularly true in Houston where a diversified economy is ensuring job creation and record property prices.
The latest survey of US property trends for the coming year finds that the housing market is well on the way to recovery. It also puts the market in 75 locations under the microscope and reveals that Houston is the number one property market to watch in 2015.
With job creation at one of the highest rates ever, Houston is currently riding a wave of economic prosperity. Along with buoyant employment, Houston’s property market is also enjoying record activity levels with short supply and a rise in rental prices.
The two states of Texas and Florida dominate the Forbes Where to invest in 2015 list with Houston and Orlando property featuring in the top five. The two cities stand out for their high population growth, strong job creation and undervalued property prices. As a result, Houston and Orlando are “safe bets to invest”, for both first-time buyers and buy-to-let investors.
All the economic figures point to a buoyant year for the US economy in 2015. This year’s strong employment and financial growth will also boost the US property market, forecast to grow significantly. Property experts have highlighted ten areas for particularly strong activity in 2015 and Houston features as one of them.