Most people will remember 2016 as a relatively good year for Houston area real estate. Overall, the market was strong. However, the mid to lower price ranges generally carried the market last year. Sales for homes priced $200,000 and down were robust. Most homes priced between $200,000 and $350,000 also moved moderately well. The slow spot in 2016 seemed to be the $500,000 to $750,000 homes.
In January of 2017 $500,000 to $750,000 Homes Showed the Strongest Sales Activity
In 2016, $500,000 to $750,000 were one of the slowest segments. Last year this price bracket’s failure to move also hurt the luxury market because there were less move up buyers. This price bracket has now seen three consecutive months of growth as has the luxury market are a whole.
Overall sales of Houston area Real Estate were up almost 2% vs last year in January. This positive uptick is probably aided by an improving economy and rising interest rates. The single family medium price also rose 4%. Post-election years have also had a positive real estate bump in recent history.
2017 is Setting Up to be a Banner Year for Home Owners
2017 may be one of the strongest years for real estate investors and homeowners. Prices are increasing; however, this market remains one the country’s most affordable. The oil companies have recalibrated their business models and can now survive on lower oil prices. The market did well in 2016 despite layoffs, an election year and political unrest. Imagine what 2017 will look like if oil prices tick ahead, tax laws are changed and the political environment softens. Everyone hold on, we may be in for a wild ride.
To get started with a team that really understands real estate or to meet the author of this article, simply contact See TIM Sell at Keller Williams Realty via this website today or call 877-313-SELL. No team understands the real estate market here better.