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Houston’s Current Real Estate Market

Houston's Current Real Estate MarketLiving Houston Is Open For Business

Last year Living Houston opened our brick-and-mortar location and spent the year building the business through hard work and dedication. We’re now up and running, and our business is booming in the suburbs, especially in Houston’s outlying communities.

Houston’s Top 10 Communities

It’s essential to note that the media can be misleading, but the real estate market is on the rise, making it an ideal time to buy and sell. Sienna, Old Katy, Hockley, La Porte, New Caney East, Cypress, Tomball, Five Corners, Denver Harbor, and Magnolia are among the top 10 communities where the real estate market is thriving.

These areas attract buyers due to their affordability and lifestyle offerings, and we at Living Houston are excited to represent homeowners and buyers across the metroplex. So, if you’re investing in real estate, these communities are the perfect place to start.

Houston’s Top 5 Luxury Communities

And if you’re interested in the top luxury communities, they’re primarily located west or southwest of downtown Houston. West University, Rice/Museum District, River Oaks, Bellaire, and The River Oaks Shopping Area rounded out the top five most active luxury communities in the first quarter of 2023, with an average home price of $1,016,719.

Houston’s Housing Market

Houston has been enjoying a period of growth and stability in its housing market. Home sales and home prices have been rising, but they’re beginning to level out.

One factor contributing to the growth of Houston’s housing market is the strong job market, which offers stable employment opportunities in industries such as energy, healthcare, and aerospace. The city’s population has been steadily increasing as a result, driving up demand for housing. As a result, developers have been building new homes in suburban areas outside of the city center, providing buyers with a broader range of options that include new construction homes, townhomes, and condos.

While some challenges face the market, such as the rising cost of construction materials, the overall outlook for Houston’s housing market is positive. If you’re interested in buying or selling a home in Houston, now is a great time to take advantage of the growth and stability of the market.

Navigating Current Interest Rates

Current interest rates in Houston as of May 1, 2023 are 6.97% for a 30 year fixed loan, 6.18% for 15 year fixed loan, and 6.49% for a 5 year ARM. While these interest rates fluctuate based on several criteria, the higher rate environment can challenge housing affordability for some Texas homebuyers.

If you feel you fall into this category, you don’t need to worry. Living Houston not only has leasing specialists who can help you find the perfect home for you to lease. We’ll also help you set up a plan to help you on your way to becoming a homebuyer. If you’re curious about how Living Houston can help, contact us for more information. We love making your home-buying dreams a reality.

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