Despite uncertainty across the region, oil price fluctuation in the world market, and rising interest rates, the Houston real estate market broke new records last year.
2018's single-family home sales eclipsed 2017’s record volume by almost 4%. However, as 2019 gets underway, housing inventory remains constrained – still sitting below its more balanced pre-Harvey levels.
According to the Houston Association of Realtors’ (HAR) 2018 annual report, single family home sales rose 3.8% while sales of all property types netted a 3.7% increase over 2017’s record volume. Total dollar volume for full-year 2018 jumped 21.5% to a record-breaking $28 billion.
Looking beyond the averages, we've seen a lot more confusion in 2018 compared to any year the past 15 years. There were a lot more cases of sellers and buyers not seeing eye-to-eye. There is simply a heightened level of fear, uncertainty, and doubt surrounding the Houston market.
We dug deep and analyzed Houston real estate sales data of the past 20 years to get a better idea of what we should expect this year.
In order to paint a more accurate picture of the market, as well as try to predict on how the sales for rest of the year is going to trend, we used numbers, personal experience, and anecdotal cases to answer 8 burning questions about the 2019 Houston real estate market: