Despite unemployment and a pandemic, Houston homes have not lost their value. Houses in the Houston area sold like crazy in July, 2020, and Stewart Title's Chief Economist Dr. Ted Jones knows it. "Houston sold more houses in July, 2020, than have ever been sold in any month in history! Think about that one !" That supply and demand has pushed the median price of a house currently listed in Houston to $283,000. The national median has skyrocketed to $304,000..That's the first time it has topped $300,000. Jones predicts the value will continue to rise in August as the demand increases from the many people who are continuing to pending even more time at home are becoming unsatisfied with it and want to upgrade.
What's Up (or Down) in Houston Real Estate?
More homes were sold in Houston last month than have ever been sold before - ever. That demand has established the median home price here of $283,000.. Jones says a big part of the demand is a dis-satisfaction so many people have in their current homes. "We have now spent more time in our homes than we have in any other time in out lifetimes. Therefore, a lot of people who may live in a nice house that they like now realize it's not fitting their lifestyle and comfort any more. So they are looking for more or less space, more or fewer immensities, a different location or whatever --- and will be looking to buy another home and sell theirs."