They say everything is bigger in Texas, and the famous city of Houston is certainly no exception. Houston is a place renowned for it’s larger than life atmosphere and iconic culture that makes Texas, well, Texas. Many wish to relocate to the Lone Star State, but the property and housing market has faced tremendous setbacks in recent years. Luckily, if you are someone who dreaming of moving to Houston, you may not have to postpone your plans much longer.
The devastating aftermath of Hurricane Harvey back in late 2017 saw horrific amounts of property damage. This sadly followed with economic devastation and a property market that unfairly benefitted sellers. The Houston market went into a chaotic state, with demand for homes exceeding the supply. This unfortunately created a disproportionate seller’s market, with many who experienced property losses clamoring for in-tact homes. Property prices quickly shot up, leaving many current and hopeful Houston residents out of luck. This placed the Houston housing market in a strange supply and demand limbo, with areas around Houston experiencing vastly different amounts of buyer demand.
Recent real-estate market forecasts predict that the buyer-seller power dynamic in the Houston marketing will soon begin to even out. There are still issues and drawbacks, but those buying a home in Houston have more avenues available to them than they did last year. Many hot spots within the city are still seeing high prices, along with communities such as The Heights and River Oaks. But home appreciation rates are slowing down, with property prices no longer steeply shooting up at the rate they used to back in 2018. The number of Houston buyers is slowly shrinking and steadily reaching the numbers they were at before the onslaught of Hurricane Harvey. Many towns that fall into the Greater Houston Area are also seeing more reasonable property prices.
Unfortunately, homes in areas which were most devastated by flooding are still struggling to sell. Areas such as Bellaire and Memorial West are still suffering from decreasing property prices, along with a shortage of potential buyers. Many fear the consequences of buying in such locations, and thus understandably, are apprehensive before making a purchase. This disparity of property demand has put the entire real estate market of the Greater Houston Area in a strange place, but for the most part, it does seem like things are looking up for the larger-than-life city.
Houston, Texas is still a city noted for its’ distinctive character, good food, and most importantly, the city’s resilient spirit. While Hurricane Harvey brought forth shocking property and economic devastation, the city is beginning to see itself recovering from the tragic event.
If you are someone who is considering moving to Houston, take a look through our Houston relocation guide, to find out more about Houston’s history, economy, job market, and entertainment landscape. View our Houston self-storage locations, as an outside storage unit will help make your move a little bit easier.