Tomball is a lovely town in Harris County, Texas, just 33 miles away from Houston. It’s known for its robust cultural history. Residents and visitors alike can visit Tomball’s Museum Center, a group of preserved buildings from the 1800s that allow guests to look back in time and explore the history of the region in person. The Railroad Depot is another entertaining slice of history, where you can view authentic trains, antiques, and model railroads. Tomball is also a great spot for nature lovers, thanks to local parks like the Theis Attaway Nature Center. If the city sounds appealing to you, here’s what you need to know about the Tomball real estate market in 2023.
Tomball housing market prices and trends 2023
As of July 2023, the average listing price in Tomball, Texas is $517,602. This comes out to an average of about $191 per square foot, so if you’re browsing houses in the area, make sure you’re getting your money’s worth for the space you’ll end up with. Houses tend to stay on the market in Tomball for a couple of months, so while you have a decent amount of time, you don’t want to wait too long if you see a property you like. Tomball is also a smaller community than a major metropolitan spot like Houston, so the amount of available homes will generally be lower, with less than a thousand active listings.
Tomball real estate market forecast in 2023
Home values in Tomball will likely increase
Research shows housing prices in Harris County increasing steadily over the last decade. While this growth could be checked by a dwindling number of home sales, it’s safe to expect that the Tomball real estate market will grow more costly over time, even if it does so at a lower rate than the rest of the county. This means that buying a Tomball house as a short-term investment is potentially a wise decision that could pay dividends when it comes time to sell in 2024.
Home mortgage interest rates will probably stay high
Mortgage interest rates have been going up lately amidst continuing economic instability throughout the country. Due to the inflation that’s been running rampant throughout the United States, analysts expect the rate to stay high, likely lingering over 6% for some time. However, a slight dip is expected later in 2023. While it’s unlikely that these rates will decline to pre-inflation levels, any dip is worth taking advantage of.
Housing market trends in Harris County 2023
While housing prices in Harris County have been on the rise, as previously discussed, the number of houses actually being sold is in decline. While the number of houses sold as of March 2023 is substantially lower than the amount sold in March 2022, rates are higher than they were in 2019. This suggests that while sales numbers are still low, the market in the area is growing, albeit slowly.
How COVID-19 impacted the Tomball real estate market
It’s no secret that real estate markets across the country have been impacted by the recent pandemic. With shelter-in-place orders taking effect nationwide, the real estate industry was effectively shut down. The Tomball real estate market was no exception. Once these orders started being lifted, demand for new homes quickly returned, but it has taken the inventory some time to catch up, resulting in a seller’s market throughout the country. Tomball, like many other cities in the US, has more people who want to buy than it has houses for sale, meaning the sellers have greater control over prices and availability.
Investing in Tomball real estate in 2023
The real estate market is a complicated thing, and if you’re considering whether to wade into it, there’s a lot of factors you’ll need to keep in mind. Tomball’s median home price of $517,602 is a fair bit higher than the national average, which could make it a daunting location to invest in. A desirable location like Tomball is sure to meet high demand, however, and a good realtor on your side can make reselling much simpler. With housing prices gradually increasing across the country, even a high-priced home can result in a higher profit down the line. The rental market is also stronger than ever, with current trends favoring landlords due to high property prices and low profit margins. With this in mind, leasing your property in Tomball could be an excellent way to turn a profit on your home. Additionally, if mortgage interest rates decline as predicted, now could be a great time to look into financing a new home in Tomball.
Putting it together in Tomball
If you’re looking to take the plunge and invest in a piece of Tomball real estate for yourself, there are a few things you can do to make your time on the market less stressful. The most important of these tasks is procuring a good realtor. With a trustworthy real estate agent on your side, you can navigate the ever-changing market with much greater confidence. Their local expertise will also be invaluable in finding an ideal property and sealing the deal on it with a minimum of stress.
If you need the help of a realtor in the Tomball area, consider reaching out to someone from the Haley Garcia Group. Haley Garcia has been devotedly studying the market for well over twenty years, and she and her team have the dedication you need to make sure you get the best possible deal on a slice of Tomball to call your very own.
