The cost of a new construction home has dropped significantly since 2016, and that trend is expected to continue into 2019, according to a new report.
The average price for a new home in the Greater Houston Area is $1,275,000, down from $1.,400,000 in 2016, according data from Zillow.
The average price in Dallas is $858,000.
In the South, prices are down a little more than 10% from 2016.
Houston is home to a mix of construction and retail, with the latter accounting for roughly 15% of the total number of homes.
But that ratio will change in 2019, as construction activity will begin to ramp up in the Bayou City, according a ZillOW report.
Construction is expected in the area in 2019 with the largest growth expected in Houston, with a median of 15% to 25% in growth, according the Zillows report.
The median price in the city is now $1 million.
The growth in Houston is a sign of the economic benefits that are expected to come from a booming economy, according Joel Reardon, president of Reardon Properties, the company that owns and operates a number of residential construction projects.
The city is on pace to see more construction than any other metropolitan area in the country, he said.
“It is a great indicator of economic recovery and the potential to support an additional 25,000 new jobs.”
Reardon said he is looking forward to the construction boom in Houston in 2019.
He said he’s confident that the economic impact of the industry will create jobs for people and businesses in the coming years.
“This is an industry that has been growing, so it is an area that I am confident will continue to be in growth,” he said, noting that the city has a growing population and that it has the resources to attract new projects.