Houston home prices jumped 86% in 10 years, real estate report reveals

ByAmber Heckler CultureMap logo
Thursday, June 13, 2024
Is it better to buy or to rent? Financial experts weigh in
Potential homeowners and tenants should consider these financial pointers before deciding whether to rent or buy a house in Houston.

HOUSTON, Texas -- A new real estate report confirms something that Houstonians pretty much already knew: The city of Houston saw a significant increase in housing prices among U.S. cities within the last decade, with median home prices skyrocketing up to 86%.

The video above is from a previous report on whether you should rent or buy a house.

The report by online real estate database PropertyShark analyzed median home sale prices in 41 of the most populous U.S. cities and locales in 2014 and 2023. According to the study, the median sale price of a home in Houston in 2014 was $142,000. A decade later, median housing prices in the city nearly doubled, landing at $264,000 in 2023.

Demand for housing increased dramatically due to the COVID-19 pandemic, when "millions of office employees suddenly shifted to working from home across the country" and many of the city's attractions, restaurants, and events were suddenly gone, according to the report.

Continue reading this article from our ABC13 partners at Houston CultureMap.

SEE ALSO: In 22 states and DC, buyers need six-figure household income to afford a typical median-priced home

A new report finds that in nearly half of US states, buyers will need a six-figure household income to afford a median-priced home in their state.