Are single-family homes a popular choice in Houston?
While there are still many homes for sale in Houston, the market appears to be rapidly changing. More buyers are purchasing houses throughout the city, greatly impacting the local economy.
The Houston Chronicle reports that the sale of single-family homes has been appealing to many residents, and more of these properties have been selling recently.
"You'd be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues," a local real estate expert told the newspaper. "Houston's steady employment growth remains a key driver."
A recent housing market report supported the aforementioned expert's claims. According to the news source, the city's housing inventory, which estimates how long it would take to sell houses on the market based on the previous year's sales, dropped to 5.3 months in July 2012. This represents the housing inventory's lowest level in more than five years.
Additionally, the median price for homes rose in the city over the past year. The news outlet states that this figure increased 6.3 percent between July 2011 and July 2012, further establishing Houston's status as a popular place to live among U.S. cities.
This metro is an attractive city to homebuyers for several reasons, including its large number of one-person businesses.
The expansion of small businesses in Harris County
Houston residents make up nearly 50 percent of the entire population of Harris County, the U.S. Census Bureau reports. In fact, the Houston Business Journal reports that this county has the most one-person businesses in the Lone Star State, and the fourth-highest total among U.S. cities.
This metro might be able to draw more small businesses to the area going forward because of its business-friendly initiatives.
For instance, Houston Mayor Annise Parker recently said the city has awarded a total of $339,651,389 in city contracts to local small, minority, women and disadvantaged businesses during the 2012 fiscal year.
"[This] shows the changes we have made in creating a competitive and diverse business environment in Houston,” Parker said. "It is reflective of the great work done in city departments and their commitment to creating jobs and helping our local economy.”
Business opportunities appear to be available to those interested in single-family homes in Houston.