Seller's Market becoming a Renter's Market... (Houston: for sale, real estate market, house prices)

[Chanteuse d' Opéra]

Sign of the times? We have 3 homes in our neighborhood on the market for over a month & not one offer accepted. Still at the highest listing prices. Meanwhile rent is flying upwards.

[S.Allen]

The high listing prices are probably why they are still on the market.


Just because SOME places are experiencing bidding wars and high selling prices, that does not necessarily apply to ALL areas in the Houston realm.

[LocalPlanner]

Yes in the last few months, rents have gone up a lot after declining or being stagnant during COVID. Various reasons for that, but one is that the craziness and priceyness of the for-sale market is forcing many to rent when they might rather buy.

[a_guerrajr]

Also a lot of new comers from out of state, most are not buying right away.

[ultright]

With property taxes high and flood risk constant, since the city has done nothing about the problem, expect a lot of people to rent instead of buying.


This can all be fixed, but the political will is not there yet.

[WRM20]

Originally Posted by ultright

With property taxes high and flood risk constant, since the city has done nothing about the problem, expect a lot of people to rent instead of buying.


This can all be fixed, but the political will is not there yet.

Property taxes in the City of Houston are lower than the taxes in the unincorporated areas. There's not a lot the City can do about flooding, as that's a County, State and Federal thing. The City has spent millions on new storm sewers and street drainage, but have been emphasizing areas that have been ignored for decades.

[ninbud]

Complete black rock and help with government backed securities takeover.

Controlling the market, who can live where and at what price point.

[Westpark Village]

Actually this is nothing new, the real estate market in general nationwide and especially in Houston has been this way for the past 5 years. Long before the pandemic, house prices were increasing every year and inventory kept shrinking it’s only gotten worse after COVID.

House prices will continue to increase with or without the pandemic and inventory will continue to shrink. There are way too many homebuyers in the market with more and more millennials born in the 90’s settling down and starting families. Gen Z is also just around the corner of entering the market.
With not enough houses for sale, rentals will be out of supply as well.

Oh yeah, let’s not forget about the out of state investors too...

[ultright]

America's population went up to 320m so we need more homes. Same situation as in the UK.