Will it ever end? The city has never seen anything like it, and it is hard not to believe that Houston will be one of the strongest Real Estate markets in the next few years. With continued growth of the energy medical sectors, each of which make up 14 % of Houston jobs, it is predicted that it will be 4-5 years before real estate inventories return to realistic levels.
In June, the inventory of homes was just a little better than prior months, but not by much. The time required to sell a home on the market was at a record low, and the number of homes sold in the 250,000-500,000 increased by 25%. Of course, areas such as the Heights are in even higher demand because of its great charm and ideal location.
One of the most interesting patterns we have seen lately is the number of people transferring to Houston to work at the new Exxon Mobil campus located at I45 and the Hardy toll road. Often moving from very metropolitan places like Washington DC or San Francisco, many relocators want to be “in” the city rather than the suburbs. While not near the campus, the drive is against traffic flow which will help the commute.
Years ago, when Houston Heights was formed as an outlying bedroom community no one ever would have imagined that a hundred years later our grand neighborhood would be the cool in-town place to live and the suburbs would be the place to commute to for work.