What can $305K get you in the Houston housing market?
HOUSTON - More homes sold in the Houston area last month than ever before, according to the Houston Association of Realtors, which reports a record 8,414 home sales in June.
Along with that sales record, Houston homes also reached all-time high median and average prices, about $240,000 and $305,000, respectively.
For long-time Houstonians, that probably sounds a little steep, but for all the folks moving here from places such as California and New York, our record-high average probably sounds like a bargain.
“We are still very blessed in this city to be able to afford the kind of real estate that we can,” says Zofia Lombardi, an agent and broker with Keller Williams.
In her nearly seven years in the real estate industry, she’s seen the Houston market change tremendously.
“When I got into real estate, that was right at the beginning of the Great Recession, so I got in at the worst time possible,” Lombardi says.
She made it through to what might just be the best time possible.
“June was a fabulous month. It exploded, actually,” says Richard Miranda, secretary/treasurer for the Houston Association of Realtors. “We are still the cheapest large city in the United States, even though prices have gone up.”
KHOU 11 set out of learn just how far that average price of about $305,000 can get you around town.
In Pearland, a 4-bedroom, 2.5-bath, 3,000-square foot home on Lakeway Lane is on the market for $304,900.
If you jump over to Alief, another hot spot, you can get even more for less. A 4-bedroom, 2.5-bath home on Brickhaven Lane is selling for $249,000.
“[The average price] can get you a lot of house in the suburbs,” Lombardi says. “Inside the loop, it’s just not happening.”
Our $305,000 just doesn’t stretch as far in the Heights, where $299,900 will get you an older 2-bedroom, 1-bath home on Aurora Street.
Pop over to the Med Center and a 1-bedroom condo will set you back $234,900.
The most expensive homes are in River Oaks, where the average home sells for $2.3 million. Compare that with the cheapest spot in our area, Polk County, where the average home prices is $81,000.
Home buyers can definitely stretch their real estate dollar further in Houston, but how much they stretch it depends on location, location, location.