Houston Housing Market - 2022 (Dallas, Austin: renting, new house, buyers)

[NYCtoHOS]

On the national level, housing prices are expected to fall. Do you think the same is true for Houston market? What’s your prediction for the remainder for 2022 inside the loop?

https://fortune.com/2022/07/04/housi...2023-forecast/

[As Above So Below...]

It will come down, but the Houston housing market didnt skyrocket the way Dallas and Austin didnt. Relative to them, I dont think it will crash as hard.

[mojo101]

I dont see any new houses being built in HOuston or near by,if this is the case,then house price would not drop much

[astrohip]

Originally Posted by mojo101

I don't see any new houses being built in Houston or near by, if this is the case, then house price would not drop much

Say WHAT?

There were about 25,000 single family new housing permits issued in the Houston area in the first half of 2022. There were a similar number of starts.

So other than those 25,000 houses, you are spot-on.

[gwarnecke]

In the 2007-2010 national housing slump, Houston was minimally impacted compared with other large US cities.

If oil prices stay relatively high, I could see Houston nearly or entirely avoiding a national housing slump. Especially if energy-related hiring picks up, but even if it doesn't - I personally know of a number of O&G professionals who have been renting or are still in their starter home, who have been waiting to buy or move up in house until job security looks a bit better. They may be finally ready to get off the fence.

[a_guerrajr]

Given Houston is still attracting outside people, the demand is there.
I think it will curb the over the top asking prices (e.g. in my hood there were about 3 houses that were asking 900K+ for a house worth 750 - 775, maybe 800. They have all reduced their prices by 50-75 grand. I feel this will die off and sellers will simply price competitively (based on closed comps). The house may sit a bit longer and may not have 20 buyers with an auction style. A slight correction is imminent.

The wildcard is how strong the investors are and if they are going to panic and sell off homes, yet Houston wasnt' one of the cities that was highly consumed by your Zillow/Opendoor type purchases.

[LocalPlanner]

No doubt, getting the housing market back on a more even keel will be a benefit to Houston and Texas. Short of a massive national economic nosedive, I don't see a reason that prices in Houston would drop significantly. That said, even a plateauing would be welcome.

[DoBetterHouston]

Houston prices are sinking as I type this. Supply is excessive compared to demand.

[hereticiam]

Originally Posted by DoBetterHouston

Houston prices are sinking as I type this. Supply is excessive compared to demand.

Where do you see data?

I am seeing some price drops for sure but some of the homes we like have been in the market for over 30 days. They look overpriced but they are still not dropping in prices.

I do agree that Houston did not go up as much as Austin, Dallas and Atlanta so I expect it do better than these cities if the prices start falling.

[travelguy_73]

My layperson's opinion is that there will be a few submarkets where the prices will actually come down, but for the most part they might just stop going up for a while (or decrease immaterially). But I think it will vary by price range and volume of homes on the market in each of those price ranges.