Real estate report

Here's how much Houston home prices have jumped in just 5 years

Home prices in Houston are going up, but not as fast as other North American markets.

Photo courtesy of SWRE Real Estate Services

Houston is one of the most buyer-friendly housing markets in the country, but that doesn't mean home prices are stagnant. In fact, local home prices have seen a double-digit increase in recent years, according to a new report.

Real estate news site Point2 Homes reports that from December 2013 to December 2018, Houston's median home price increased from $188,500 to $240,000, a 27 percent jump that equates to an additional cost of $51,500. And while that may seem steep, Houston actually had the third lowest home price growth of the Texas metros studied and 16th lowest in North America.

Neighboring Fort Worth outpaced the rest of the state and was one of 18 North American cities with a price jump over 50 percent (in all, 83 metros were reviewed). The median home price in Cowtown grew 52 percent, from $148,000 in December 2013 to $225,000 in December 2018, a $77,000 jump.

By comparison, other Texas metros saw relatively modest growth. Austin had a 33 percent jump ($226,000 to $301,391), and San Antonio saw a 32 percent increase ($171,400 to $226,200). Dallas had the second lowest home price growth among the Texas cities studied, with a median home price increase of 24 percent ($229,900 to $285,000). At 12 percent, El Paso had the lowest median home price growth in the state (from $137,650 to $154,000).

"Compared to just five years ago, 40 cities in the U.S., 31 in Mexico, and 10 in Canada have seen significant home price hikes, putting considerable strain on the average homebuyer. With more and more people opting for a connected, urban lifestyle, and with the younger generation’s desire to reduce commute time, demand for urban housing is skyrocketing," the report says.

Detroit topped the North America list with a surprising 97 percent increase in home price but a net increase of only $30,143. San Francisco, however, saw the highest net increase: a staggering $550,000 price increase in just five years.

home-for-sale lists rankings reports texas trends

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.”

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