News
As of June 2018, average rent for an apartment in Houston, TX is $1277 which is a 1.72% decrease from last year when the average rent was $1299 , and a 1.88% decrease from last month when the average rent was $1301.
One bedroom apartments in Houston rent for $1094 a month on average (a 0.91% decrease from last year) and two bedroom apartment rents average $1401 (a 3.71% decrease from last year).
See our listings of Houston Apartments
Houston is one of the healthiest housing markets in the US now, with damaged homes coming back on the market and all housing related personnel and resources back in action. The average price jumped 5.2% to $305,092.
Sales of townhomes and condominiums has not recovered however. Sales rose only a half percent in April, (a total of 598 units sold versus 595 a year earlier). The average price rose 5.9% to $220,704. Inventory held steady at a 4.0-months supply which is high.
Texas has enjoyed strong rental growth for the past few years. Even so, as Axiometrics reported earlier in the year, the rate of rental growth has been much stronger in northern metro areas than in southern ones. Of the southern cities, Houston’s problem with occupancy rates and rental growth may result from overbuilding and an emphasis on building high-end units at the expense of more affordable housing. To understand what’s happening with the rental market in Houston, it might help to take a closer look at this issue.
Houston Real Estate Highlights in June
Townhouse/Condominium Update
After its first positive month of the year in April, sales of townhomes and condominiums fell 6.4 percent in May, with a total of 675 units sold versus 721 a year earlier. The average price rose 2.5 percent to $213,912 while the median price increased 3.0 percent to $170,000. Inventory grew slightly to a 4.2-months supply.
Houston Real Estate Highlights in May
Single-Family Homes Update
Single-family home sales rose 1.0 percent in May with 8,157 units sold throughout greater Houston compared to 8,078 a year earlier. That is the greatest one-month sales volume since June 2017 when 8,368 homes sold. On a year-to-date basis, home sales are 3.0 percent ahead of 2017’s record pace.
Prices reached historic highs in May. The median price increased 3.4 percent to $243,000. The average price rose 1.3 percent to $305,511.
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 51 to 52 days. Inventory held steady at a 4.0-months supply which is its highest level since August 2017 and is the same as the current national inventory level.
Broken out by housing segment, May sales performed as follows:
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,831 in May, up 1.2 percent versus the same month last year. The average sales price increased 2.8 percent to $297,959 while the median sales price rose 5.2 percent to $231,500.
May Monthly Market Comparison
Measurements for the Houston real estate market’s May performance were largely positive, with single-family home sales, total property sales, pricing and total dollar volume all up compared to May 2017. Month-end pending sales for single-family homes totaled 8,991, a 12.1 percent increase over last year. Total active listings, or the total number of available properties, fell 1.4 percent to 39,478.
Single-family homes inventory was unchanged year-over-year, maintaining a 4.0-months supply, but is at its highest level since last August when it grew to a 4.3-months supply. For perspective, housing inventory across the U.S. also stands at a 4.0-months supply, according to the latest report from the National Association of REALTORS® (NAR).
Lease Property Update
Activity among leased property slowed in May. Single-family home rentals declined 1.8 percent while leases of townhomes and condominiums fell 22.6 percent. The average rent for single-family homes rose 3.7 percent to $1,845 while the average rent for townhomes and condominiums edged up 1.0 percent to $1,580.
In 1990 Congress created a program known as “EB-5”: the Immigrant Investor Program. Immigrants invest large sums of money in America and then the U.S. grants them an “EB-5” visa. This visa program is administered by the United States Citizenship and Immigration Services. Through this program, the United States encourages international entrepreneurs to invest in America, developing American jobs and companies through the program. However, the program limits the number of visas they offer and the U.S. maintains conditions on whom may apply
The state has given Our Economic Development Division the authority to designate project sites as a Target Employment Area (TEA), a requirement within the application for smaller investment opportunities.
A simplified summary of the program:
