H-TOWN VALUE

Here’s how much house you can buy in Houston for $250,000

Austin offers the least bang for your buck among Texas' major metro areas. Photo by Ariel Skelley/Getty Images

Houston may be in the midst of a pandemic, but that hasn't slowed our real estate market. And a new study shows just how much bang for your buck you can get in the Bayou City versus Texas' other major metro areas.

A study released July 7 by the PropertyShark real estate website shows that $250,000 will get Houston buyers a 2,318 square-foot-house, which works out the second-best value in Texas.

In the Houston metro area, last year's sales of single-family homes totaled 90,145, up 3.6 percent from 2018, according to the Texas Association of Realtors.

"Townhomes and condominiums had a roller coaster ride and the luxury market cooled a bit, but overall, 2019 was a phenomenal year," John Nugent, 2020 chairman of the Houston Association of Realtors, said in a January release.

For some comparison, $250,000 nets Austin buyers a 1,139-square-foot house — the least amount among Texas' biggest cities. PropertyShark's data includes single-family homes, duplexes, condos, and townhouses.

In its report on the 2019 real estate market, the Austin Board of Realtors noted that median home price in the region rocketed from $193,520 in 2010 to $318,000 in 2019. The Texas Association of Realtors says 36,782 single-family homes were sold in the Austin metro area last year.

"If we don't take action to increase housing supply in Austin, we will continue to see exponential increases in home values," Romeo Manzanilla, 2020 president of the Austin Board of Realtors, warned in a January release.

While Austin's position in the PropertyShark study is worse than every other big city in Texas, it's considerably better than places like New York City, San Francisco, and Los Angeles. In Manhattan, $250,000 would enable you to buy a home the size of a hotel room — 232 square feet. The situation isn't much better in San Francisco, where $250,000 would get you a 269-square-foot home. In Los Angeles, that dollar amount would let you purchase a 524-square-foot home.

"In the country's most populated cities with more than 900,000 residents, the difference in price per square foot between coastal cities and Texas cities is miles apart," PropertyShark notes. "As expected, vast Texas leads the way in providing the most space for the lowest price. In fact, in every Texas city we analyzed, $250,000 will buy more than 1,000 square feet."

San Antonio, meanwhile, continues to solidify its status as the most affordable housing market among major Texas cities. According to the study, a buyer spending $250,000 could purchase a 2,503-square-foot home in San Antonio. That amounts to $100 per square foot.

Looking at the country's 100 largest cities, San Antonio ranks 15th for the amount of square footage available for $250,000. Detroit sits atop the list. There, you can buy a 5,407-square-foot home for $250,000, PropertyShark says.

Last year, 35,456 single-family homes were sold in the San Antonio metro area, according to the Texas Association of Realtors. That's a 6 percent increase compared with 2018. Homes priced between $200,000 and $500,000 made up more than half of the region's sales volume in 2019.

"San Antonio continues to be a top destination for both buyers and sellers, and it's exciting to see such tremendous growth in people achieving their dreams of homeownership," Kim Bragman, 2020 chairwoman of the San Antonio Board of Realtors, said in a January release.

Looking at the country's 100 largest cities, San Antonio ranks 15th for the amount of square footage available for $250,000. Detroit sits atop the list. There, you can buy a 5,407-square-foot home for $250,000, PropertyShark says.

Here's how all the cities in Texas' four largest metro areas compared when it comes to the amount of space you can score for $250,000:

  • Houston, 2,318 square feet
  • San Antonio, 2,503 square feet
  • Arlington, 2,240 square feet
  • Garland, 2,218 square feet
  • Fort Worth, 2,109 square feet
  • Irving, 2,072 square feet
  • Dallas, 1,722 square feet
  • Plano, 1,657 square feet
  • Austin, 1,139 square feet

Like San Antonio and Austin, Houston and Dallas-Fort Worth enjoyed robust home sales volume in 2019.

In Dallas-Fort Worth, single-family home sales totaled 103,261 last year, up 3 percent from 2018, the Texas Association of Realtors says.

"Dallas-Fort Worth winds up with record sales again," James Gaines, chief economist at Texas A&M University's Real Estate Center, said in January. "The Dallas side of the Metroplex was actually a little better than Fort Worth."

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This article originally ran on CultureMap.

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Building Houston

 
 

This week's roundup of Houston innovators includes Thomas Vassiliades of BiVACOR, Katie Mehnert of ALLY Energy, and Don Whaley of OhmConnect Texas. Courtesy photos

Editor's note: In this week's roundup of Houston innovators to know — the first of this new year — I'm introducing you to three local innovators across industries — from health care innovation to energy — recently making headlines in Houston innovation.


Thomas Vassiliades, CEO of BiVACOR

BiVACOR named Thomas Vassiliades as CEO effective immediately. Photo courtesy of BiVACOR

Thomas Vassiliades has been named CEO of BiVACOR, and he replaces the company's founder, Daniel Timms, in the position. BiVACOR is on track to head toward human clinical trials and commercialization, and Vassiliades is tasked with leading the way.

Vassiliades has over 30 years of experience within the medical device industry as well as cardiothoracic surgery. He was most recently the general manager of the surgery and heart failure business at Abiomed and held several leadership roles at Medtronic. Dr. Vassiliades received his MD from the University of North Carolina, and his MBA was achieved with distinction at Emory University.

“I am excited and honored to join the BiVACOR team, working closely with Daniel and the entire team as we look forward to bringing this life-changing technology to the market,” says Dr. Vassiliades in the release. “Throughout my career, I’ve been guided by the goal of bringing innovative cardiovascular therapies to the market to improve patient care and outcomes – providing solutions for those that don’t have one. BiVACOR is uniquely well-positioned to provide long-term therapy for patients with severe biventricular heart failure.” Click here to read more.

Katie Mehnert, CEO and founder of ALLY Energy

Katie Mehnert joins the Houston Innovators Podcast to discuss the future of energy amid a pandemic, climate change, the Great Resignation, and more. Photo via Katie Mehnert

Katie Mehnert started ALLY Energy — originally founded as Pink Petro — to move forward DEI initiatives, and she says she started with building an audience first and foremost, but now the technology part of the platform has fallen into place too. Last summer, ALLY Energy acquired Clean Energy Social, which meant doubling its community while also onboarding new technology. On the episode, Mehnert reveals that this new website and platform is now up and running.

"We launched the integrated product a few weeks back," Mehnert says. "The whole goal was to move away from technology that wasn't serving us."

Now, moving into the new year, Mehnert is building the team the company needs. She says she hopes to grow ALLY from two employees to 10 by the end of the year and is looking for personnel within customer support, product developers, and sales and service. While ALLY is revenue generating, she also hopes to fundraise to further support scaling. Click here to read more.

Don Whaley, president at OhmConnect Texas

Texas is about a month away from the anniversary of Winter Storm Uri — would the state fair better if it saw a repeat in 2022? Photo courtesy

The state of Texas is about a month away from the one year anniversary of Winter Storm Uri — but is the state better prepared this winter season? Don Whaley, president at OhmConnect Texas, looked at where the state is now versus then in a guest column for InnovationMap.

"Governor Abbott has gone on record guaranteeing that the lights will stay on this winter, and I am inclined to agree. With the reinforcement of our fuel systems being mandated by the Railroad Commission, 2023 to 2025 should receive the same guarantee," he writes. "Beyond that, as the demand for electricity in Texas continues to grow, we will need to rely on the initiatives under consideration by the PUCT to attract investment and innovation in new, dispatchable generation and flexible demand solutions to ensure long-term stability in the ERCOT market.

Whaley has worked for over 40 years in the natural gas, electricity, and renewables industries, with specific experience in deregulated markets across the U.S. and Canada. He founded Direct Energy Texas and served as its president during the early years of deregulation. Click here to read more.

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