The hottest real estate market in America is heating up in Houston, Texas.
In 2016, Houston recorded an average of 6,822 homes listed for sale, a 13.9% increase from the year before, according to the Real Estate Board of Greater Houston.
That means that, of the 6,850 homes sold in the city in 2016, nearly one-fifth were listed for a price above $1 million, or an average price of more than $2 million.
Real estate agents are starting to see a big uptick in their listings, with an average listing price of $1.05 million or more.
The average price for a home in the Greater Houston area has increased by more than 7% over the past year, according the Real Clear Market data, and is expected to increase by another 4% this year.
That’s a big jump for Houston, which saw a 12.3% decrease in its median home price in 2016.
But real estate agents also say that a large number of the new homes are being purchased by first-time homebuyers who are looking for something different from the traditional “finance and financing” homebuyer.
“We’re seeing a huge spike in new homes being built in the Houston area and we’re seeing that trend continue,” said Michael Menezes, managing director of HOA Group in Houston.
“They’re not the typical first-timers looking to buy a home and they’re not going to be the typical people looking to move into a home, but they’re going to go for the big, flashy homes that are in the $1 to $2 millions.”
Menez, who has been working in the real estate industry for more than 30 years, says he sees a lot of growth in the demand for luxury and collector properties in the area.
“There’s a huge opportunity for people to get into this market because of the opportunity that is being created right now,” he said.
“This is one of the fastest growing markets in the United States.
There’s a lot more housing in this market and it’s only going to continue to grow.”
The average house price in the greater Houston area is expected in 2021 to be about $3.1 million.
Menez said that the trend in the market for new homes is “not going to last” for too long.
“The demand for housing in Houston is just insane,” he told ABC News.
The real estate board of Greater San Antonio also reports a steady increase in the average home price there. “
You’re going out of business, you might lose your business and you might go bankrupt.”
The real estate board of Greater San Antonio also reports a steady increase in the average home price there.
The region’s median home value is estimated at $1,066,000, up by about 8% from the past 12 months.