For many across the nation, these uncertain times during the 2019 novel coronavirus (COVID-19) pandemic have caused stress levels to rise as financial woes burden Americans more than ever. One such
Real Estate Market for Houston 2020
Dated: June 7 2020
Many Houston residents are wondering whether or not it's actually a good time to purchase a home anywhere in the city. These statistics will give you an overview of the real estate market for Houston in 2020. While the city itself has always been a hotbed of purchaser activity in terms of real estate, it now appears to have joined the pace involving the national average, despite the fact that there had been a time when Houston appeared to be rather immune to the ups and downs of housing cycles.
The overall rate of appreciation, however, remains slightly above the national rate, thereby causing Houston to remain one of the top markets in the United States for real estate investing.
After experiencing a record number of sales in the year 2019, the housing market throughout Houston saw a big start to launch the year 2020. In fact, there was a double-digit increase in the month of February; however, with the local economy in bad shape due to decreasing oil prices, it's expected that home sales will end up slowing down. Despite this, the real estate market forecast for the area is still viewed as being on a more positive side.
Current home prices in the city are relatively low, meaning that if you are looking to invest in real estate, now is likely the best time to do it. Many development projects are continuing to keep the market strong as well, and oil prices are also having a large impact on the market as well. With oil prices decreasing, as previously mentioned, it could potentially result in a slowdown for the economy of Houston.
The overall real estate appreciation rate in the city of Houston during the latest quarter came in at approximately 0.47%, which equates to a more annual rate of between 1.5% and 2%.
Here are some of the top reasons to consider investing in the real estate market for Houston in 2020:
- The city is considered to be the top market in the United States in terms of job creation.
- Real estate is affordable in terms of housing.
- Houston is the fourth largest city in the United States.
- The city has a 12-month “No Vacancy” guarantee.
- The average purchase price of a home in the city is $75,000.
- There is currently a three-year appreciation forecast of 10.5%.
- Houston's overall unemployment rate is currently below the overall national level.
- The city is currently home to more Fortune 500 headquarters than other locations in the United States, with the exception of New York.
- The city is viewed as being one of the centers of the country's oil and gas industry.
- Houston is home to the world's largest concentration of health care organizations.
- Recently, the city passed New York to officially become the most racially and ethnically diverse city in the entire United States.
- Houston is home to a total of 1,196 schools – 490 elementary schools, 296 middle schools, 178 high schools, 272 private schools and charter schools.
- The city of Houston didn't have to experience a housing bubble in the same manner as the rest of the United States did.
- A paycheck in the city will go much farther than a paycheck in any other metropolitan area.
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