Houston Trumps California In Housing Permits: 10 Astounding Houston New Construction Facts
Builders are putting up new construction in Houston. Learn more about recent developments in the state.
Bad news for California. Good news for Houston.
Houston became the #1 city in the country for new single-family home construction permits over the past year. In addition, Houston’s 27,151 new permits exceed the total number of permits for the entire state of California(1), (2), (3)
What's most astounding is that these 27,151 new permits may not be enough.
Houston added 107,400 jobs in the 12 months ending August. In addition, Houston’s major employers are planning on boosting their workforce by another 100,000. This implies another 125,000+ people will be relocating to Bayou City within the following year.
As a Realtor, many of my clients are concerned about this potential increase in traffic. If you’re trying to shorten your commute consider: Houston’s 11 Most Accessible Neighborhoods, Best Value Townhomes For Sale, or Houston’s Inner Loop Condo Guide.
"Paige Martin and the Houston Properties Team are all specialists in their roles. I was amazed at how fast my transactions were completed with the best deals possible. Thank you for removing the hassle out of my real estate experience!" – Courtney Nuckols
Table of Contents
- 10 Astounding Houston New Construction Facts
- View More Houston Resources
- Sources
- The Best Houston Realtor to Sell Your Home
10 Astounding Houston New Construction Facts
Contact Paige Martin at [email protected] now for personal recommendations and advice on Houston's new constructions.
1. Houston Tops The Nation In Single Family New Home Construction Starts.
Houston builders are on pace to start 50,000 new homes. Houston issued 27,151 new building permits for single-family homes. According to the most recent quarterly data, home construction increased 16% from the previous quarter. (6)
2. Houston's Planned New Construction Starts Exceed $4.8 Billion.
The construction industry is benefiting from new capital flowing into the city. Houston is 3rd on the Forbes list of “Cities With Most New Constructions.” (7) Houston's new construction starts total $4.8 billion. This figure represents an 8% year-over-year growth.
3. Houston Ranks #7 In the Nation For New Highrise Developments.
Since Houston covers over 600 square miles, we have fewer highrise buildings than other major US cities.
As growth comes to Houston's four major job centers (Downtown Houston, The Galleria, The Energy Corridor and The Medical Center), people want to shorten their commute and live closer to shopping, restaurants and grocery stores.
Houston now ranks 7th in Emporis’ lists of “North American Cities With Most Number Of Highrise Developments (8).
New luxury residential highrise buildings in Houston include The Astoria, The Belfiore, Riva At the Park, and several new Luxury Gated Communities in Houston.
4. Houston Has 28 New Highrises Under Construction.
Including both residential and commercial, Houston has 28 highrises currently in development. (9)
This includes 609 Main At Texas, a towering 49-story high office building, and luxury residential highrises Belfiore and Astoria in the Galleria and a large number of residential rental towers.
5. 83 Additional Highrises Are Under “Approved” or “Proposed” Status.
In addition to the 28 buildings under construction, there are 83 additional buildings (that are at least 12 floors high) that are in “approved” or “proposed” phases with the city. The majority of these buildings are commercial and located in or near Houston's four major job centers.
The list includes a 50-story office highrise 1600 Louisiana and Block 98, a residential building set to stand 38 floors high. Developers are set to start construction on both buildings.
6. Downtown Houston Houses $4 Billion Additional Proposed Construction Projects.
Downtown Houston is home to the largest number of proposed highrise projects (the majority of which are commercial in nature).
The Downtown District released a development update that listed 14 under construction and 39 planned projects, representing $4 billion worth of new construction or renovation.
The new projects include a 40-story apartment building on Market Square, a luxury hotel to be added to the mixed-use GreenStreet development, and a new High School for the Performing and Visual Arts on the east end of downtown.
(Here is the current list of available Downtown Houston condos and lofts, including Bayou Lofts, Franklin Lofts and Commerce Towers).
7. Major Houston Employers Are Planning On Relocating Or Hiring An Additional 100,000 People.
Houston-based companies have added 107,400 new jobs in the last 12 months. This is on top of the 230% job growth.
In addition to this growth, Houston's major employers have plans to add another 100,000+ jobs in the next year. The majority of these positions are expected to be filled by individuals who do not currently reside in Houston. (10)
8. Houston Housing Starts Have Increased For 8 Consecutive Quarters.
Houston housing starts (new houses under construction) have increased for eight consecutive quarters. (11)
Even better, the new home inventory has not depressed the prices of the current inventory. Looking at close-in neighborhoods, the average price per square foot of single-family homes has increased by 50.3% over the past decade. (11)
New demand (people relocating to Houston) has exceeded supply and provided consistent appreciation even during the financial crisis.
9. Vacant Developed Lot Inventory Is At An All-Time Low.
Vacant, developed lot (VDL) inventory is down to 36,128 lots in the second quarter. This represents 15 months of supply, far below the 20-24 months of supply that Metrostudy considers “equilibrium” for the Houston market.
10. Houston Home Inventory Is 47% Below the National Average.
The number of available Houston homes for sale is at its lowest point, at 2.9 months of inventory on the market. Demand for homes is expected to continue due to a stable local economy, a record-breaking number of people relocating to Houston, and an increasing number of employment opportunities.
View More Houston Resources
"I originally discovered the Houston Properties Team at HoustonHeights.com. They have the best online marketing in the Heights. Our photos were spectacular. Our virtual tours were amazing. The community marketing worked. We sold within the first week. Great job!”– Sarah Harris
Sources
Contact us, the #1 boutique real estate team in Houston, for more comprehensive data about the best investments in Houston real estate.
1. http://www.census.gov/
3. https://www.census.gov/construction/bps/
4. https://www.houston.org/houston-data
6. https://www.forbes.com/pictures/mhj45eegjl/3-houston-texas/?sh=3c908a905f75
8. Houston MLS Data for Single Family Homes sold in areas 4,9,16,17,22,23
9. https://www.downtownhouston.org
The Best Houston Realtor to Sell Your Home
The Houston Properties Team has a well-defined structure based on the individual strengths of each member. Each member is a specialist in their role – which is why our homes sell faster and for more money than average.
Paige Martin, Broker Associate with Keller Williams Realty, and the Houston Properties Team are ranked among the top residential Realtors in the world.
They have been featured on TV and in dozens of publications including The Wall Street Journal, Fortune Magazine, Reuters, Fox News in the Morning, Money Magazine, Houston Business Journal, Houstonia, and Houston Chronicle.
Paige Martin was just ranked as the #5 agent in the world with Keller Williams, completing over $1 Billion in Houston residential real estate sales.
Recent awards include:
– 2022: #1 Residential Real Estate Team by Sales Volume, Houston Business Journal
– 2021: Best Real Estate Teams in America, RealTrends.com
– 2021: Top 100 Women Leaders in Real Estate of 2021
– 2021: America’s Top 100 Real Estate Agents
– 2021: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2021: Best Houston Real Estate Team, Best of Reader’s Choice
– 2021: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2021: #1 Real Estate Team, Keller Williams Memorial
– 2020: America’s Best Real Estate Teams, Best of America Trends
– 2020: Best Houston Real Estate Team, Best of Reader’s Choice
– 2020: Top Real Estate Team (Houston Properties Team), Houston Business Journal
– 2020: #6 Individual Agent, Keller Williams, Worldwide
– 2020: #1 Individual Agent, Keller Williams, Texas (Top Keller Williams Realtor)
– 2020: #1 Real Estate Team, Keller Williams Memorial
- 2019: Top Residential Realtors in Houston, Houston Business Journal
- 2019: America’s Best Real Estate Agents, RealTrends.com
- 2019: #5 Individual Agent, KW Worldwide
- 2019: #1 Individual Agent, KW Texas
- 2018: #5 Individual Agent, Keller Williams, Worldwide
- 2018: #1 Individual Agent, Keller Williams, Texas
- 2018: #1 Individual Agent, Keller Williams, Houston
- 2018: America’s Best Real Estate Agents, RealTrends.com
- 2018: Top 25 Residential Realtor in Houston, Houston Business Journal
- 2018: Texas’ Most Influential Realtors
- 2017: #1 Individual Agent, Keller Williams, Texas
- 2017: #1 Individual Agent, Keller Williams, Houston
- 2017: #10 Individual Agent, Keller Williams, Worldwide
- 2017: America’s Best Real Estate Agents, RealTrends.com
- 2017: Top 25 Residential Realtor in Houston, Houston Business Journal
- 2017: Texas’ Most Influential Realtors
- 2016: #1 Individual Agent, Keller Williams, Texas
- 2016: #1 Individual Agent, Keller Williams, Houston
- 2016: #20 Individual Agent, Keller Williams, Worldwide
- 2016: Texas’ Most Influential Realtors
- 2016: Top 25 Residential Realtor in Houston, HBJ
- 2016: Five Star Realtor, Featured in Texas Monthly
- 2016: America’s Best Real Estate Agents, RealTrends.com
- 2015: #9 Individual Agent, Keller Williams, United States
- 2015: #1 Individual Agent, Keller Williams, Texas
- 2015: #1 Individual Agent, Keller Williams, Houston
- 2015: America’s Best Real Estate Agents, RealTrends.com
- 2015: Top 25 Residential Realtor in Houston, HBJ
- 2015: Five Star Realtor, Texas Monthly Magazine
- 2014: America’s Best Real Estate Agents, RealTrends.com
- 2014: #1 Individual Agent, Keller Williams Memorial
...in addition to over 318 additional awards.
Paige also serves a variety of non-profits, and civic and community boards. She was appointed by the mayor of Houston to be on the downtown TIRZ board.
Benefits Of Working With The Houston Properties Team
Our team, composed of distinguished and competent Houston luxury realtors, has a well-defined structure based on the individual strengths of each member.
We find team approach as the most effective way to sell homes. We have dedicated people doing staging, marketing, social media, open houses, and showings. Each Houston Properties Team member is a specialist in their role—which is why our homes sell faster and for more money than average.
The benefits of working with a team include:
- the ability to be in two or three places at one time; a member can handle showings, while another answer calls
- collective time and experience of members
- targeted advice and marketing of agent expert in your area
- competitive advantage by simply having more resources, more ideas, and more perspectives
- a “checks and balances” system; selling and buying a home in Houston is an intensely complex process
- more people addressing field calls and questions from buyers and agents to facilitate a faster, successful sale
- efficient multi-tasking; one agent takes care of inspections and repair work, while another agent focuses on administrative details
- multiple marketing channels using members’ networks
- constant attention: guaranteed focus on your home and your transaction
- lower risk for mistakes. Multiple moving parts increase oversights. A team approach handles these “parts” separately
- flexibility in negotiation and marketing
- better management of document flow
- increased foot traffic through more timely and effective showing schedule coordination; and
- increased sphere of influence and exposure to more potential buyers.
To meet all the award-winning members of the Houston Properties Team, please go here.
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