Real Estate Report

How Houston home values stack up to the rest of Texas and the nation

Homes in the Houston metro area gained $23.4 billion in total value in 2015, a 6.5 percent increase.

A new report from Zillow says Texas' booming real estate growth was on trend with the rest of the U.S. in 2015.

The report, which includes information for 35 U.S. metro areas, shows that although total home value growth slowed in 2015, "there was still a significant increase in overall value, and many markets are more valuable than they’ve ever been." In fact, Dallas saw double-digit growth, and Houston is more valuable than ever before.

Just how valuable are Texas' top markets? The cumulative value of homes in Houston for 2015 was $381 billion, just behind Dallas-Fort Worth at $411 billion. Homes in the Houston metro gained $23.4 billion in total value, a 6.5 percent increase.

According to Zillow's November home value index, the median Houston home value was $169,100, rising 8.3 percent. The median home value in Austin was $241,200, the highest in the state, with Dallas-Fort Worth at $175,600 and San Antonio at $147,600. The median U.S. home value is $183,000.

The total rent paid in Houston was the highest in the state, at $13.1 billion, with a median rent of $1,578 per month, a 5.8 percent increase. Total rent paid in Dallas-Fort Worth was $12.8 billion, with $1,496 median rent.

While Austin's total rent in much less that the other larger Texas cities at $5 billion, its median rent at $1,683 median rent, is the highest in the state. Nationally, the median rent was $1,382.

Zillow reports that Americans shelled out nearly $20 billion more in rent in 2015 than 2014 for a record-breaking total of $535 billion. Home values nationwide grew $1.1 trillion in 2015 to an estimated $28.5 trillion.

How Sweet

Sugar Land's first new apartment complex in 13 years breaks ground

Pearl Lake Pointe luxury apartment complex Sugar Land.

Rendering Courtesy of Morgan

Pearl Lake Pointe is a 376-unit luxury apartment complex slated for early summer 2027 in Sugar Land.

Sugar Land is welcoming its first new apartment development in more than a decade. Pearl Lake Pointe, a 376-unit luxury community from developers Morgan and Carlyle, is underway at 16435 Creekbend Drive.

Construction began in November, with an official groundbreaking held this week. “The groundbreaking of Pearl Lake Pointe marks an exciting new chapter for the Lake Pointe peninsula,” Sugar Land Mayor Carol K. McCutcheon said in a statement. “After years of planning and collaboration with Morgan, this project delivers much-needed, high-quality multifamily housing and strengthens our long-term vision for a vibrant, connected district. This milestone will help drive continued reinvestment and momentum throughout Lake Pointe and across Sugar Land.”

Set across 6.46 acres, the five-story complex will feature five live-work units, a six-story parking garage, and 9,940 square feet of commercial office space. Fitness centers, a resort-inspired pool, a golf simulator, a sky lounge, and a cafe are among the planned amenities.

Inside the residences, features include open-concept floor plans, quartz countertops, stainless-steel appliances, washers and dryers, and balconies in select units.

“Pearl Lake Pointe is a unique opportunity to elevate the living experience and set a new benchmark for luxury in Sugar Land,” Kase Pappert, Morgan senior development manager, said. “We are grateful for the City’s partnership and look forward to helping re-energize the Lake Pointe peninsula with a welcoming community that feels like home and connects residents to the amenities right outside their door.”

Roughly 20 miles from downtown Houston, the site has views of Brooks Lake and is adjacent to the former Fluor corporate campus currently being transformed into the Lake Pointe Green mixed-use development.

The first Pearl Lake Pointe units are slated for delivery in early summer 2027. Morgan and Carlyle will own and manage the community, with project financing provided by Texas Capital Bank.

“With Pearl Lake Pointe, Carlyle and Morgan are redefining multifamily living and adding meaningful momentum to address the demand for high-quality housing in the Sugar Land submarket,” said Adam Buchwald, Carlyle managing director and partner. “Partnering with Morgan — an accomplished developer with a strong track record — makes this project even more exciting, and Pearl Lake Pointe is a standout addition to Carlyle’s portfolio of high-quality multifamily developments.”

construction groundbreaking apartments