As we move closer to the end of the year, it’s time for another look at what’s going on in the market.
Hurricane Harvey caused a lot of devastation, but we’ve thankfully bounced back. 90% of the market didn’t flood, and that 90% is seeing a lot of movement.
Our market has seen a 4% increase in the volume of sales since the 24% drop we saw in August following Hurricane Harvey.
Prices are also up about 5.5% year over year.
On the leasing side of things, the growth has been huge. There has been an 89% increase in single-family rentals, and townhomes and condos have nearly doubled. Still, keep in mind that this will be a short stint. We’ll probably see this trend last only until people are able to get their primary residences fixed up.
“You need to look at individual areas to see nuances within the market.”
If we look at the Houston market on a micro level, things are a little different than they may look overall. For example, prices have dropped in Meyerland, where 1,900 out of every 2,300 homes were flooded.
Since Harvey, a lot of homes that have flooded are being sold at considerable discounts.
In other areas, the timeline of the market is a lot slower as repairs are being made. Ultimately, you need to look at individual areas to see nuances within the market.
If you have any other questions or would more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
