The Houston real estate market remains as hot as ever starting 2018, after a stellar 2017. Despite Hurricane Harvey, (or perhaps partially because of it), 2017 was the second best year ever for median home sale price in Houston, according to HoustonProperties.com. The median sale price of $410,000 was just short of 2015's all-time high of $415,000. And nothing is changing in the New Year. "So far, we're starting out (2018) totally a seller's market," says Michael Weaster with Brookshire Hathaway Real Estate. "Sellers are getting pretty good money for even flooded houses, it's amazing."
The biggest factor is continued high demand for residential properties. "There are people relocating into the Houston area for the strong job market that we have, because even the apartments are holding strong and the values seem to be going up on those, too," says Weaster. And he tells KTRH that demand seems to be highest in one particular area of town. "Inside the loop is still hotter than a firecracker," says Weaster. "They can't keep up with the building, they can't keep up with the sales...you put it on the market, and you're getting multiple offers if you price it right."
The new tax law could also have an impact on real estate in the year ahead, as most people will have more disposable income. However, the law also caps property tax deductions for more affluent homeowners, which could have a negative impact. Regardless, for right now the pace of sales is still increasing. "In 2016 and '17, it was taking lenders anywhere from 45 to 60 days to get a loan closed," says Weaster. "They're closing them in 30 to 45 days now, so it looks like things are picking up again."