Houston Ranked Second in Population Growth Between 2010 and 2018
The city of Houston is growing at a meteorically fast pace, but what does that mean for real estate and most people’s largest investment: their home?
Houston ranked second in overall population growth between 2010 and 2018, adding over a million people to go from 5,920,487 to 6,997,384 according to the most recent U.S. Census report.
From July 2017 to July 2018, the Houston area ranked third in population growth among U.S. metro areas with at least 1 million residents, adding about 251 residents per day. This amounts to a 1.3% increase in population. At the same time, the average single family home price in houston increased 2.4% according to the Houston Association of Realtors.
Growth and Real Estate Prices
This relationship between population growth and real estate price appreciation is no coincidence. More people in Houston mean more people looking for homes to live in, adding fuel to the demand side of the supply and demand economic scale.
More demand with equal or lesser supply typically means higher prices. Houston has a long history of population growth and stable economy, and as a result as seen steady growth in real estate prices.
Real Estate Trends
With the economy in full swing, many people are predicting that this trend will continue. At Refined Custom Builders, we build in the luxury home segment, which has seen even stronger growth than the overall market.
According to the May HAR report, the volume of sales in the luxury segment of the market (homes over $750,000) went up 14.2% year over year, outpacing the overall market volume increase of 7.8%.
Although no one can predict the future, we believe that these trends will continue and that there has never been a better time to buy a custom luxury home in Houston.
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