Buying property can be a big decision. Some people struggle with whether or not it’s the right decision for them. Learning the true cost of both land and also real estate can help you know what to expect when investing. So how much does land cost in Texas? What influences this price? Read on to get the answers.
How Much Does Land Cost in Texas?
The Real Estate Center at Texas A&M University reports that one acre of land in Texas cost an average of $2, 972 in 2019. However, there are a lot of factors that influence this price. The location of your land makes a big difference, as does the real estate market.
Average Home Price in Texas
According to Texas A&M, the median Texas home price in May 2019 was $240,500, which was a near-annual low. However, it’s important to remember that home prices are influenced by a lot of factors, just like land prices. Buyers can expect more shifts in 2020 and beyond due to COVID-19 and other factors.
What About Houston?
The same research from Texas A&M tells us that the median home price in Houston was $240,800 (in May 2019). This puts it right in line with the state-wide median price. As Houston residents know, the area is a great place to invest in property.
The Benefits of Fixing and Flipping
Houston has plenty of foreclosures and short-sales available for home flipping. Investors should be inspired by the median home prices, as quality properties can be found for a fraction of this price. Fix and flip these properties for a creative, lucrative investment opportunity!
We Can Help You Make Your Investment
Red Door Funding helps home investors purchase fix-and-flip properties. We have different loan programs to support a variety of needs. Check out our website to learn how we can help you.