If you’re looking to buy in the Houston area, expect more and more showings to look like this. House Under Construction by Charles Rondeau As reported by the Houston Business Journal, new residential construction permits in Houston are up 44% since March 2012. These figures were compiled in a report by the Greater Houston Partnership. The city issued a total of $187.3 million worth of permits just for March, compared to $130.2 million for the same month last year.
This comes as no surprise since we have had very tight inventory in nearly every Houston area market. With Houston’s economy running wide open, and continued rise as a global city, the demand for more homes and workplaces will only increase. We have witnessed multiple bid scenarios with several of our listings and we expect supply to further tighten before it increases again.
Where have you seen new construction going up? Have you seen multiple offers on a home? Please tell us in the comments!