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July Monthly Market Comparison
Measurements of the Houston real estate market’s July trends were largely positive, with single-family home sales, total property sales, pricing and total dollar volume all up compared to July 2017. Month-end pending sales for single-family homes totaled 8,467, an 18.2 percent increase over last year. Total active listings, or the total number of available properties, fell 3.5 percent to 41,459.
Lease Property Update
Consumer interest among lease properties slowed in July. Single-family home rentals declined 1.9 percent while leases of townhomes and condominiums were down 6.6 percent. The average rent for single-family homes rose 5.6 percent to $1,916 and the average rent for townhomes and condominiums increased 7.7 percent to $1,666.
HOUSTON — (August 8, 2018) —Houston home sales showed no let-up in July, but the pace was not enough to rival the record-setting volume and pricing set in June. Inventory remained constrained at a 4.2-months supply, and the lease market saw waning consumer interest.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,108 single-family homes sold in July compared to 7,433 a year earlier, accounting for a 9.1-percent increase. On a year-to-date basis, home sales are running 3.4 percent ahead of 2017’s record volume.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose nearly six percent to $243,500, and the average price increased 2.4 percent to $305,910. Both represent the highest figures ever for a July. The strongest segment of the market consisted of homes priced in the $250,000 to $499,999 range, which shot up 21.0 percent. The luxury market – homes priced at $750,000 and above – rose 6.3 percent.
“Consumers are keeping the Houston housing market one of the most vibrant in the U.S., despite low inventory and concerns about affordability,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “Much of that is reflective of a healthy job market that continues to draw new hires to Houston from across the country and around the world.”
In its July 24 Employment Update, the Greater Houston Partnership (GHP) reported that for the 12 months ending June 2018, metro Houston created 94,600 jobs – a 3.1 percent increase and significant jump from the 81,200 jobs created in the 12 months ending May 2018.
July sales of all property types totaled 9,559, an 8.5-percent increase over the same month last year. Total dollar volume was up 11.4 percent, reaching nearly $2.8 billion.
HOUSTON — (July 11, 2018) — Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,518 single-family homes sold in June compared to the last record high of 8,367 homes exactly one year earlier. That represents a 1.8 percent increase.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.6 percent to $245,000 and the average price climbed 4.3 percent to $316,463. Those prices broke records set just last month and are the result of strong activity in the luxury market – homes priced at $750,000 and above – which saw an 18.4 percent year-over-year jump in sales volume.
“If there were concerns about rising home prices in the Houston market, you wouldn’t know it from all the homebuying that took place in June,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “We continue to outperform last year’s record pace of home sales, but we’ll keep a close eye on inventory levels in the weeks ahead to ensure they are meeting demand.”
The Houston Housing Market Area (HMA) is coterminous with the Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area (MSA), which is the fifth largest MSA in the nation. For purposes of this analysis, the HMA is divided into three submarkets: the Central submarket, which consists of Harris County and includes the central city of Houston; the Southern submarket, which consists of Brazoria, Fort Bend, and Galveston Counties; and the Northern submarket, which consists of Austin, Chambers, Liberty, Montgomery, and Waller Counties. On August 25, 2017, Harvey, a category 4 hurricane, made landfall along the Texas coast approximately 150 miles southwest of the city of Houston. The hurricane stalled over the Houston HMA, and during the next several days rainfall totals exceeded 50 inches in many parts of the HMA. This report reflects economic and housing market conditions before the hurricane and subsequent flooding. The demand estimates reflect the market outlook prior to the hurricane and do not assess the impact of the disaster on expected demand. A followup report with a postdisaster analysis is forthcoming.
The average rent for an apartment in Houston is $1,082, a 4% increase compared to the previous year, when the average rent was $1,040.
Studio apartments in Houston rent for $782 a month, while 1-bedroom apartments ask on average $966 a month; the average rent for a 2-bedroom apartment is $1,205.
Last updated Jul 2018
All rentalsStudio1 Bed2 Beds3 Beds
Average Rent$1,082$782$966$1,205$1,434
Y-o-Y Change4%4%4%4%2%
Average Apartment Size879 sq. ft.507 sq. ft.723 sq. ft.1,032 sq. ft.1,318 sq. ft.
The average size for a Houston apartment is 879 square feet, but this number varies greatly depending on apartment type. A studio averages 507 sq. ft., while a one-bedroom apartment offers a more generous square footage: 723. 2-bedroom apartments in Houston have an average size of 1,032 sq. ft.
Average Rent
View as table / View as graph
Downtown Houston
$1,951
The Museum District
$1,925
Midtown Houston
$1,920
Neartown - Montrose
$1,880
Greater Third Ward
$1,865
Greenway - Upper Kirby
$1,830
University Place
$1,829
Fourth Ward
$1,811
Afton Oaks - River Oaks
$1,785
Medical Center
$1,767
Washington Ave - Memorial Park
$1,661
MacGregor
$1,645
Piney Point Village
$1,602
Greater Heights
$1,532
Memorial
$1,499
Second Ward
$1,414
Uptown Houston
$1,394
Greater Ost - South Union
$1,323
Braeswood Place
$1,251
Northside Village
$1,236
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
