Summer is here, which means the temperatures are rising in Houston and people all around the city are getting out and enjoying everything it has to offer. Don’t forget that we ranked number one on Forbes’ annual list of the fastest-growing cities in the country.
With all of this happening, it’s no surprise that the real estate market in Houston has been on fire. In fact, we mentioned this just a couple of months ago in one of our blog posts--”Texas Real Estate Investing Is Red Hot.” And even more good news: the numbers for the month of June were just compiled and, once again, Houston is a great place to invest in real estate.
June Real Estate Numbers for Houston
The Houston Association of REALTORS recently released their report for the housing market in Houston and found that June sales were up 4.1 percent and prices for homes are setting record highs.
Single-family home sales came in at 7,935 units in the last month, which is the highest amount in one month on record. Additionally, the average house in Houston is selling quickly, to the tune of 43 days on average--also a record low. In all, $2.7 billion worth of property was sold in the month of June.
Nancy Furst, who is with Berkshire Hathaway HomeServices Anderson Properties was quoted as saying, "I think it speaks very well for the health of our real estate market when you have a month in which sales are up, rentals are up, inventory is growing, and you’re comparing it all to the record year of 2014.”
Why Houston Is a Great Place to Invest in Real Estate
Back in March, HomeVestors identified Houston as the top city in the country for real estate investors, and it’s safe to say that the same holds true now that we’re halfway into July. Young, college-educated people are flocking to the city, and have been for quite a while; from 2000 to 2012, Houston saw a 49% increase in its population of college graduates aged 25 to 34.
Additionally, since the new millennium started, Houston has created over 2 million new jobs (more than twice that of any other state). Considering the fact that Texas has favorable tax laws (such as no state income tax), it’s no surprise that the economy in and around Houston continues to grow. A paycheck in this great city also goes further than one in any other metropolitan area.
All of these help drive the housing market in Houston, and it’s making the city a great place for real estate investors to make some money. Experts have been predicting a good future for real estate here for quite a while, and now that the actual numbers are starting to roll in, those predictions are simply being verified.