Houston home sales hit some record highs last year despite the devastating effects of Hurricane Harvey.
Single-family home sales rose throughout the metro area when compared to the year before, especially among homes priced between $250,000 and $500,000, according to the Houston Association of Realtors.
The median home price in town rose 1.7 percent to $230,000. However, the average Houston home price declined by 0.6 percent, to $292,174. (See what this average home price buys in the Houston by touring the properties above.)
“No one could ever have imagined 2017 turning out to be a record-setting year for the Houston real estate market, which had weathered the effects of the energy slump only to have Harvey strike such a devastating blow,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase.
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“We know that many are still working tirelessly to rebuild their lives after Harvey, but overall, this clearly illustrates the incredible resilience of the people and the economy of Houston, Texas,” Burrell-VanWormer said. “We also know that some neighborhoods are performing better than others, so it’s always advisable to consult a realtor when thinking about buying or selling a home.”
In 2018, the housing market is starting out with a lower inventory, due in part to those still seeking to replace Harvey-ravaged homes.
Harvey originally posed an immediate concern for locals who lost their jobs and faced costly repairs, it also impacted inventory. However, HAR report that the market rebounded just a month later, with sales ticking up. As for rental activity, it hit an all-time high.
“The positive momentum continued through the final months of 2017,” an HAR spokesperson said in a release. “On a year-to-date basis, the average price rose 2.9 percent to $291,340 while the median price increased 3.8 percent to $229,900. Total dollar volume for full-year 2017 jumped 6.5 percent to $23 billion.
Here’s a year-over-year look:
Darla Guillen is a digital reporter at the Houston Chronicle. Read more of her stories at @DarlaGuillen on Twitter.