AgentMarkets & Economy

Sellers in Pearland see fruitful returns

Home prices up roughly $35,000 from two years ago
  • Some sellers in Pearland are waiting to buy their next home until prices cool down.
  • Pearland is south of Houston and has a population of roughly 100,000.
  • The city is one of the most active submarkets in the Houston metro when it comes to yearly home sales.

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Relatively steady home sales activity, minimal inventory and noticeably rising home prices have made Pearland a seller's market. The Houston submarket accounted for 2,391 sales spanning October 2014 to September 2015, a 3 percent year-over-year rise. At the same time the average sales prices of a home rose by nearly 11 percent to $253,876, according to the Houston Association of Realtors (HAR). This October 175 homes sold in Pearland, according to Danny Frank of Keller Williams. While this total is a decline in activity when compared to October 2014, when 202 homes sold, the median price of a home sold last month reached $240,000. Spanning October 2013 to October 2015, the median home price in Pearland has rose by $35,000. "That's 100 percent to do with inventory levels," Frank said, noting the city currently has only 2.2 months of supply. Competition among buyers is such that newly built homes sell in several days once they hit the market. If an existing home is pri...