Real estate in Houston poised for recovery
The housing market is recovering in many metros across the United States. This trend is exemplified by real estate in Houston. The Texas city is a hub for local industry and has attracted the attention of many potential homeowners.
According to ALTOS Research, the median price for a single-family home was $153,660 as of July 2012. This is up from the approximately $151,000 seen at the beginning of the month on July 1, 2012. The median price paid per square foot for a property in Houston was $74 on the same date.
Some ZIP codes in the metro have lower or higher median prices. A potential homebuyer may want to get ZIP specific to best determine the area they want to live in. Here are four ZIP codes to consider in Houston:
1. 77002 ZIP code. Located in the heart of Houston, this ZIP code has an average asking price of $354,455. However, the average real estate sales price remains relatively cheaper at $110,275, according to Zip Data Maps. The current unemployment rate for the area is down to 6.6 percent in July 2012 from 8.3 percent in June 2012.
2. 77006 Zip code. Just southwest of downtown Houston lies the 77006 ZIP code. Homes in this community have an average asking real estate price of $498,216. The average sales price hovers around $75,000. In 2010, the population was 19,664 - up only slightly from 18,875 in 2000. In addition, the majority of residents in this community are male. Females only make up 43.5 percent of the population.
3. 77010 ZIP code. Wedged between the Central Business District and the downtown area is the 77010 ZIP code. According to ZIP Data Maps, the average real estate asking price here in July 2012 was $525,000, while the average sales price was $89,547. Only a small percentage of the Houston population lives here - 366 people in 2010 and 76 in 2000.
4. 77092 ZIP code. Northwest of the center of Downtown Houston is the 77092 ZIP code. Covering approximately 8 square miles, the average real estate asking price is $136,954, yet the average sales price is $23,000, according to the source. The population is almost evenly split according to a 2010 census, which recorded 33,745 residents.