HOUSTON – It’s a question every potential home buyer is asking right now.
Just how high can home prices rise in what has become a seller’s market on steroids?
“The Houston market is not just hot. It’s on fire. We have too many buyers chasing too few listings,” said Richard Miranda, the chairman of the Houston Association of Realtors.
In May 2020, total property sales reached 7,781. A year later that figure nearly doubled at 12,100 properties sold.
During the same one-year period, the average home price went from $298,000 to $387,000, a nearly 30% increase.
That has made it far more difficult for homebuyers like Ashley and Jeremy Walker of Spring to find the home they want at a price they can afford.
“Houses are selling practically at the same time they are listed. As we’re looking online, everything is already on contract….