Both Forbes and Money Magazine rank Houston as one of the best cities in the US. They attribute the Bayou City’s success to:
- Strong economy
- Low taxes (Texas is one of only 7 states with no personal state income tax)
- Low cost of living.
According to the recent HAR MLS data, over 50% of the “most affordable housing” within the Downtown, Neartown and Medical Center areas are condos and townhomes*.
As a result, Houston condos and townhomes sales are on a roll and are among the most popular property types.
Top 5 Interesting Houston Condos And Townhomes Trends
1. Over 6,000 Houston condos and townhomes were sold in the last 12 months.
HAR (Houston Association of Realtors) data showed that a total of 604 units were sold last month.
This marks a 10.2% increase from last year’s numbers.
2. Average price of Houston condos and townhomes rose by 10.3% this year.
The average price of Houston condos climbed 10.3 percent to $198,004 while the median price jumped by 8.8 percent to $148,000.
Demand for new Houston properties continues to remain strong as over 4,000 people per month are relocating to Houston.
3. Houston condos and townhomes inventory is at a record-low of 3.4 months.
Current condo and townhomes inventory is at 3.4 months, almost half the inventory level (6.3 months) recorded 12 months ago.
Houston condo and townhome sales remain high. With companies deciding to relocate to the city (Houston has the most number of Fortune 500 companies, next only to New York), demand is expected to stick to its current pace.
4. Developers are on-pace to start construction of 28,000 new properties this year.
The first quarter of the year saw a 32% spike in the number of new construction homes in Houston. New townhome developments (such as Winfield Gate and Caceres) along with new residential condo buildings help to try and address demand.
5. Over half of the “most affordable housing” in the Downtown, Neartown and Medical Center is composed of townhomes and condos*
Land prices in the Downtown, Neartown, and Medical Center areas have been some of the best performing over the past decade. As such, single family homes (especially those with larger lots) have gotten more expensive.
According to the most recent HAR MLS data, looking at homes for sale near the Bayou City’s largest employer centers (Downtown and the Medical Center) shows that condos and townhomes make up the majority of the “most affordable housing” options currently available.