Dec 12, 2022 - Real Estate

Explore Houston-area home price changes

Change in Houston-area home prices, by ZIP code
Note: "Typical" refers to the average home value in the middle 30% of estimated home values in a region — and typical home prices are rounded; Data: Zillow; Map: Erin Davis/Axios Visuals

The housing market appears to be cooling off slightly in Houston, but home prices are still climbing, especially in towns that were once considered to be way out in the boonies, per an Axios analysis of Zillow data.

Driving the news: Home prices are expected to increase in the greater Houston area anywhere between 0.9% and 4.5% over the next year, based on competing predictions from Zillow and Realtor.com.

Why it matters: It's constantly becoming more expensive to be a homebuyer, even in the suburbs. New homebuyers will have to compromise on location, mortgage payments and house features.

Zoom in: Zillow data shows that average home prices increased by more than 12% near Galveston between July and October.

  • Houses near Dayton and Liberty County east of Houston, as well as houses in Sealy and Bellville west of Houston, all increased about 3%.
  • Compared with other Houston-area ZIP codes, homes in ZIP code 77011, which includes Magnolia Park in the East End, saw the biggest drop in prices at 3.4%.

Meanwhile: Other Texas cities saw a bigger drop in home prices. Some of Austin's suburbs saw a decrease of more than 6% in home prices between July and October.

Yes, but: Even as home prices increase in Houston — the median single-family home in October was $330,500, which was 35% higher than in February 2020 — the city remains one of the more affordable metros.

  • Austin's median cost of a home is about $480,000.

By the numbers: Due to the high interest rates and rising costs, single-family home sales in October dropped nearly 23% compared to last year, according to the Houston Association of Realtors.

  • Of note: Even though homes sales have cooled in Houston, Realtor.com anticipates a 2.9% increase in the number of homes sold in 2023 compared to this year.

Go deeper: Browse our interactive graphic to see how prices have changed in your ZIP code.

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