Jennifer Wauhob, Board Chair for Houston Association of Realtors, says it was an amazing year. "2021 - even with the continuing effects of the Covid Lockdown still ended up being a record year for Houston real estate. Home prices continued to get pushed up and pushed up. It looks like that will carry over into 2022."
With rising interest rates, some of the country is having a hard time selling homes. Not so in Houston says Jennifer Wauhob, board chair of the Houston Realtors Association. ."Even though interest rates are creeping up, they are still pretty low. If you put it in perspective, we have previously seen interest rates of 8%, even 10% --- so you can still afford quite a bit of house with the interest rates where they are."
A lack of new construction is hurting sellable inventory. She says 2021 was a record breaking year - and inventory is lower this year. "The low inventory is still going to cause a bit of an issue. There are fewer homes to buy. If we don't see any easing on the inventory level, then overall I think we could see a lower number of houses purchased this year." Low inventory mean buyers will be competing with each other this year, so prices could continue to rise.
Wauhob: "Overall our average monthly inventory is lower than the rest of the country. We have been a really Hot Spot for the last year. Houston has always been a pretty affordable city to live in - and still, compared to the rest of the county we're in a pretty good spot!"
That's why people keep moving here!
photo:GettyImages
Houston Houses don't stay unsold for long!