For many families, summer marks the busiest time of the year to buy a home as they try to get settled before the start of a new school year.
The good news for buyers? After years of rapidly rising home prices, the Houston-area housing market is beginning to shift.
According to real estate experts, the average home price across the Houston area has declined by about 1.7%, marking the first average price drop in roughly 15 years.
“This is go time for house hunters,” KPRC 2 Consumer Investigator Bill Spencer said. “Late spring and early summer is when the largest wave of homes hits the market, with inventory typically running 30% to 40% higher than during the winter months.”
To help buyers find the best value, Spencer spoke with Cathy Trevino, former chair of the Houston Association of Realtors, about the area’s most affordable places to purchase a home.
Based on current average home prices, Trevino’s top three picks are:
- Baytown – Average home price: $224,000
- Aldine – Average home price: $230,000
- Alief – Average home price: $238,000
While home prices vary depending on the neighborhood, size and condition of the property, these communities currently offer some of the most affordable opportunities for buyers in the Houston area.
The cooling market could also create more negotiating power for buyers after years of intense competition and record-high prices.
Spencer’s special housing series continues throughout the week with reports aimed at helping Houstonians navigate today’s housing market.
On Wednesday, he’ll break down mortgage options available to buyers. Thursday’s report will focus on how homeowners can use home equity loans to consolidate high-interest debt, while Friday’s report will examine rental scams and the warning signs prospective renters should know before signing a lease.