As real estate markets develop, trends come and go. Right now, in the northwestern part of Harris County, there are several trends that investors developers and other interested parties may want to know in order to make the most of their investment. Read on to learn more about some of the more dominant trends in the northwestern Harris County today.
1. Sales are Increasing the Fastest Among Homes Priced Under $300,000
The number of sales per month seems to be rising across the board in Houston but there are some segments of the market that are growing faster than others. According to the Houston Association of Realtors, home sales in May of 2017 increased by 12.9% over May 2016 in the $250,000 to $499,999 price range. That number rises almost a full percentage point, a 13.7% year over year increase in the number of sales for homes in the $150,000 to $249,999 price bracket. Home sales are growing across all price ranges but these two price ranges, particularly those priced under $300,000 are selling the fastest.
2. Buyers Want Smart Homes
Today’s buyers are increasingly demanding homes that feature energy efficient technologies as well as technology that gives them remote access to the home. Here is a quick list of the things that homeowners are looking for:
- Updated insulation throughout.
- Efficient features like double-paned windows and efficient HVAC systems.
- Remote access to devices like thermostats.
- Remote security features including door cameras.
3. Older Homes are Becoming More Popular
For the past several months, new homes reigned supreme in northwest Harris County. However, the gap in demand for new homes versus older homes is now starting to close. The reasons behind this are a bit unexpected. One might assume that buyers moving into the area are looking for inexpensive “fixer” homes but that does not seem to be the case. Instead, this trend has to do with the type of home that buyers are looking for. Right now, people are looking for homes that have character and they are starting to enjoy older, closed floor plans as much as the current modern trend of open floor plans.
4. People Want the Small-Town Experience in/Around the Big City
The small-town experience is something that everyone, from industry experts to residents on the street, is talking about. Basically, this means that people are looking for a certain kind of community, a community designed to help bring everyone together, one that has plenty of parks and paths for walking. There are many communities within Houston that fit this description. Outside of Houston, many home buyers are looking at Tomball to fill this need. Shopping attractions are smaller, less industrialized and more charming, often with a vintage feel to them. And, of course, a selection of restaurants and other entertainment venues will draw interest, especially if developers make an effort to avoid an overabundance of chain retailers in favor of independent businesses that bring their own character to the area.
While there are other, smaller trends present in northwestern Harris County, these four are the major drivers that will influence purchase decisions heavily. Take them into consideration as you plan your investment.