One year after Hurricane Harvey flooded Houston and the surrounded area, home sales are up by 37.2% from 2017 and 7.2% over 2016 – a better comparison, according to The Wall Street Journal, as the hurricane halted buying activity.
In some of the city’s neighborhoods, prices have shifted to reflect the scope of the damage from the hurricane and other floods. In the Heights, a traditionally middle-class neighborhood that suffered little damage, home prices have risen by 8.2% from this time last year, according to the Houston MLS. Across town, Bellaire, an affluent suburb with considerable storm damage, median home prices fell 11.8% over the same period.
Some Houston housing experts say the Harvey effect won’t last long, and that neighborhoods like Bellaire that might be down now are where opportunity lies. There is skepticism that climate change will lead to another event of Harvey’s magnitude anytime soon.
“People forget,” says Chris Kelso, a branch manager with HomeTown Lenders, who has already noticed clients ignoring the section of closing statements that address a property’s risk of flooding. “In the end, people will live where they want to live.”
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