HOUSTON–Houston’s real estate values are trending upward as the region’s economy mounts a recovery from the devastation of Hurricane Harvey and a decline in the energy industry, according to Deal Sikes, a leading Houston-based valuation firm.
The total taxable assessed value of property in Harris County increased 3.3 percent over the last year, according to the new 2018 certified appraisal roll compiled by the Harris County Appraisal District.
“In general, Houston real estate has experienced a modest increase in real estate values over the last year. Last year, thousands of homes and commercial properties were inundated during Hurricane Harvey and that impacted the results of the tax appraisals by HCAD,” said Mark Sikes, principal with Deal Sikes.
The 2018 certified appraisal roll showed total taxable value of property is $449.6 billion, compared to $435.1 billion in 2017.
“Although the tax appraisals have little value in developing individual valuations, the statistics point to a valid trend. Property values in Houston are moving upward in most cases,” Sikes said.
More than 100,000 jobs have been created in the Houston area over the last year, according to the Texas Workforce Commission. Oil prices and drilling activity have increased over the last year.
“The Houston economy has been healthy and this has translated to a stronger real estate market and generally rising property values, in most cases,” Sikes said.
Houston’s office market has been a weaker segment, but other real estate sectors are healthy, including the single-family market.
“Overall, the Houston real estate market is gaining strength. There will be many exceptions, but in general, a period of rising property values will continue in 2019 as the economy grows,” said Matthew Deal, principal with Deal Sikes. “In particular, the Inner Loop real estate market and property around downtown Houston will be in high demand.”
Deal Sikes provides valuation and counseling services for real estate firms, governmental agencies, law firms, and investors across the region. www.DealSikes.com
Courtesy of –BusinessWire–