5 real estate trends to know in the Lake Houston area

Residential growth has changed the Humble, Kingwood and Atascocita areas in recent years. As population and demographic shifts occur, new real estate trends have emerged.



1. Are homes in the Lake Houston area becoming unaffordable?


In Atascocita, Houston and Humble, median home values have are trending upward. However, home prices have risen faster than the increase in median household income, a factor that could affect future housing affordability in the area.


 

Source: U.S. Census Bureau/Community Impact Newspaper[/caption]

2.Humble’s Downtown Improvement Program helps homeowners make renovations to their properties


Twelve homeowners in Humble have made more than $78,000 in improvements that will be reimbursed this fiscal year. The program is limited to $10,000 per applicant, projects that are viewable from the public right of way and to residents who live in the downtown area.


Here are some projects for which homeowners could be reimbursed:




  1. Significant cleaning or restoration to the building’s finish

  2. Adding or restoring an awning or canopy

  3. Replacing a door or window

  4. Adding or improving fencing;

  5. Removing debris

  6. Demolition of a dilapidated structure


Source: City of Humble/Community Impact Newspaper[/caption]

3.Rapid growth continues IN single-family Homes


More than 12,000 single-family homes are projected to be built in the Lake Houston area by 2025 as developers chase the area’s rapid job and population growth.


These developments will add the most homes to the area:


1.Balmoral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,663


2. Royal Brook in Kingwood . . . . . . . . . . . . . . . . 1,312


3. The Groves . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,299


4. Lakewood Pines . . . . . . . . . . . . . . . . . . . . . . . . 652


5. Bridges on Lake Houston . . . . . . . . . . . . . . . .  58



4. Multifamily developers enter Lake Houston area



5. Millennials drive the rise in rental-home market


Demand is still high for single-family rental properties in the Lake Houston area, said Thomas Saunders, a Realtor for RE/MAX Associates Northeast, which is based in Kingwood.


This follows a trend of growing single-family rental properties. In May, leases of single-family homes increased 31 percent year over year across the Greater Houston area, according to the Houston Association of Realtors.


Rentals are popular options for millennials who move often, empty nesters and people with poor credit, Saunders said.


“You’ve got a new type of tenant coming in," he said. "And that tenant—they’re just not interested in anything permanent. They don’t want to be in a house for 15 years.”


Demand for the properties continues to grow even as more inexperienced landlords invest in the industry, he said.


“You actually see companies where their whole model is managing [single family] rentals,” Saunders said. “And they’re growing. Because there’s people that want to be landlords—they want that type of investment without the maintenance.”



MOST RECENT

A judge has dismissed the city of Houston from a lawsuit in which a Lake Conroe nonprofit sought to file a restraining order against the San Jacinto River Authority and the city. (Vanessa Holt/Community Impact Newspaper)
Court dismisses city of Houston from lawsuit that seeks to stop Lake Conroe lowering

The city was dismissed from the lawsuit on April 9, but all matters concerning the San Jacinto River Authority are still pending.

Costco Business Centers, of which there are only about 15 in the country, carry different products and provide a different shopping experience to members than do traditional Costco Wholesale stores. (Courtesy Costco Wholesale)
Costco Business Center being built in Stafford; see live music in The Woodlands and more top Houston-area news

Read the top business and community news from the Houston area from the past week.

The program, which began this week in San Marcos, gives Amazon and Whole Foods employees and contractors direct access to COVID-19 vaccinations. (Courtesy Amazon)
Amazon begins rollout of statewide vaccination clinics for employees

The program, which began this week in San Marcos, gives Amazon and Whole Foods employees and contractors direct access to COVID-19 vaccinations.

Lone Star Groundwater Conservation District, which regulates groundwater usage in Montgomery County, is part of Groundwater Management Area 14. (Community Impact Newspaper staff)
GMA 14 approves proposed desired future conditions; LSGCD objects to subsidence factor

On April 9, Groundwater Management Area 14 voted on its proposed long-term goal for the Gulf Coast Aquifer System.

Incumbent Charles Cunningham and candidate Linda Greenan are running for Humble City Council Place 2. (Community Impact staff)
Candidate Q&A: Get to know the candidates running for Humble City Council Place 2

Incumbent Charles Cunningham and candidate Linda Greenan are running for Humble City Council Place 2.

Incumbent Charles "Andy" Curry and candidate Eric Lacy are running for Humble City Council Place 1. (Community Impact staff)
Candidate Q&A: Meet the 2 candidates running for Humble City Council Place 1

Incumbent Charles "Andy" Curry and candidate Eric Lacy are running for Humble City Council Place 1.

Norman Funderburk and Arliss Bentley are in the race to serve as the city of Humble's next mayor. (Community Impact staff)
Candidate Q&A: Meet the candidates in the race to be Humble's next mayor

Norman Funderburk and Arliss Ann Bentley are in the race to serve as the city of Humble's next mayor.

Houston City Council approved ordinances expanding and funding Houston’s BCycle program on April 14. (Courtesy Houston BCycle)
Houston City Council OKs expansion of BCycle sites

City Council approved the addition of 11 new BCycle kiosk bike stations.

Federal funding is set aside for public schools to address effects of the pandemic. (Courtesy Adobe Stock)
Why Texas has not yet distributed $18 billion in federal funds intended for public schools

As budget decisions loom for school districts across Texas, state leaders are holding on to federal funds intended for public schools to use in addressing the effects of the COVID-19 pandemic.

Homes priced above $750,000, such as this one in the Heights, saw a surge in sales in March, with almost twice as many properties sold. (Courtesy Houston Association of Realtors)
Average Houston single-family home price jumps 20% in March

The average sale price for a home in March was $370,847.

U.S. Rep Kevin Brady, R-The Woodlands, spoke at the Economic Outlook Conference in The Woodlands on April 14. (Andrew Christman/Community Impact Newspaper)
U.S. Rep. Kevin Brady: 'This term, my 13th, will be the last'

U.S. Rep. Kevin Brady, R-The Woodlands, announced he will retire after completing his current, 13th term in the U.S. Congress.