The Harris County real estate market has shown rapid growth over the last year, as reported by many local and national news outlets. Properties in virtually every segment of the market have experienced increases in sale prices, median prices, dollar volume and sales volume.
The Harris County Appraisal District is a regional agency responsible for appraising all property within the boundaries of Harris County for property tax purposes. By law, the district must appraise property at the price for which it would sell on the open market as of January 1. The district has nearly completed its appraisals for the 2014 tax year.
The robust economy has residential and commercial properties increasing in value. Single-family homes, multi-family apartments, office buildings, warehouses and retail have all gone up in value. Companies moving to Houston have created a need for additional office space and spurred office construction. Office buildings have increased in value by 17.8 percent while apartment values have gone up 22 percent and retail values have grown 18.5 percent.
The current inventory of homes listed for sale is at a record low – a 2.6 month’s supply – which gives the seller an advantage. In many areas, primarily those west of I-45 and in northern suburbs, homes are selling almost as quickly as they are listed and many are selling at above the listing price. Homes with price tags of at least $500,000 – which represents a 45 percent increase from this past year – are leading the sales, as are homes in areas that have highly-rated schools. Sales of properties under $150,000 and especially under $80,000 are still slow, primarily because lenders are cautious about people in the lower price brackets.
More information about 2014 reappraisal values for residential, commercial and business/industrial property is available through the left navigation bar where you can also find a list of topics with information about exemptions, how to protest your market value and the property tax process. There is also a direct link to HCAD’s Electronic Filing and Notice System.
For information about values in your neighborhood, click on one of the maps below.
All maps represent a snapshot of GIS and Appraisal data as of March 2014 and are subject to change.
For help using our Interactive GIS Maps, please click here.
Appraisal districts are required by law to appraiser property at 100 percent of its market value as of January 1. This map follows and illustrates the market trend through the recession. Red specifies increasing home values, green indicates decreasing home values, and yellow shows no change in value. When the recession hit in December 2007, home values throughout much of the county declined for the next two years. The map clearly depicts this change as the red slowly fades in 2008 and 2009. As the road to recovery begins in 2013 and continues to grow for 2014, the red begins to reappear back to its pre-inflation level of 2007.
This map shows the concentration of sales, both traditional and foreclosure, and the percentage of each by residential market area. The sales represent transactions that occurred between January 1, 2013 and January 31, 2014. Only sales that were used to determine values for the 2014 reappraisal were included. Condominium and townhome sales and sales having incomplete new construction have been excluded.
This map shows the average percent change in market value from 2013 to 2014 and the average market value by market area. New construction value, condominiums, and townhomes have been excluded.
This map shows the distribution of sales for residential properties valued at under $80,000 (blue) and between $80,000 and $150,000 (red). The sales ratio is the ratio of the property’s appraised value to the sale price. The sales are mapped over school district and HISD zone boundaries. The text gives the median sales ratio for each group of sales. The color of the school district indicates the grouping of median sales ratios. This information appears in tabular form here.
This map shows the concentration of residential single family sales $1 million and greater that occurred between January 1, 2013 and January 31, 2014. Only sales that were used to determine values for the 2014 reappraisal were included. Condominium and townhome sales and sales having incomplete new construction have been excluded.
This map shows the average new construction value by market area attributed to new homes, remodel and additions of existing homes, where construction was complete as of January 1, 2014. It also reports the percent of parcels for the above. Condominiums and townhomes have been excluded.
Click here to view the 2014 Reappraisal News Release.
Click here to view the 2014 Commercial Values Study.