For the first time this year, the average list price in Houston dropped a fraction. Don't be fooled though, we're still basically flat to where we were a year ago as the average list price only dipped by $289.
The big difference now is that the inventory has grown. Last year there were 6,200 fewer properties to choose from at this time.
So as a supply increases, if the demand does not increase in turn, you should expect to see some lowering in the average price, but factors such as the looming election could be having some influence as well.
I am looking forward to getting past November because markets have historically shown to get a small bump in activity once the election is determined.
Nonetheless, a simple fact of life is that some portion of the American population will always need to move for one reason or another; job changes, deaths, births, marriages, divorces and new babies. All significant life events that drive a minimum of 4 million transactions per year in the USA.
I am so grateful to live in a growing market like Houston.
If you consider the past 20 years, this been a great place to own a home and or rental properties because the population increased enough to raise property values dramatically, and yet compared to the east and west coasts, our property values are still a bargain.
I think the 20 year future outlook is just as bright for Houston and the surrounding areas.
Please call me anytime if you've got questions about the market or if you'd like to have any kind of Real Estate conversation.
We love talking with people about Real Estate.
