Galveston, TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Galveston, TX Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Galveston Housing Market Information

With 50,180 people, 20,320 houses or apartments, and a median cost of homes of $172,894, Galveston real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Galveston, accounting for 55.54% of the city's housing units. Other types of housing that are prevalent in Galveston include large apartment complexes or high rise apartments ( 31.71%), duplexes, homes converted to apartments or other small apartment buildings ( 10.93%), and a few row houses and other attached homes ( 1.64%).

People in Galveston primarily live in small (one, two or no bedroom) single-family detached homes. Galveston has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Galveston built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Galveston built between 1940-1969 ( 28.18%). A lesser amount of the housing stock also hails from before 1939 ( 18.98%). There's also some housing in Galveston built between 2000 and later ( 13.17%).

Vacant housing appears to be an issue in Galveston. Fully 36.62% of the housing stock is classified as vacant. Left unchecked, vacant Galveston homes and apartments can be a drag on the real estate market, holding Galveston real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Galveston Home Appreciation Rates

In the last 10 years, Galveston has experienced some of the highest home appreciation rates of any community in the nation. Galveston real estate appreciated 23.39% over the last ten years, which is an average annual home appreciation rate of 2.12%, putting Galveston in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Galveston definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Galveston that despite a nationwide downturn in the housing market, Galveston real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Galveston appreciation rates continue to be some of the highest in America, at 8.55%, which is higher than appreciation rates in 89.13% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Galveston. Galveston appreciation rates in the latest quarter were at -0.09%, which equates to an annual appreciation rate of -0.38%.

Relative to Texas, our data show that Galveston's latest annual appreciation rate is higher than 80% of the other cities and towns in Texas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Galveston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Galveston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Galveston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$172,894

Galveston, TX HOME PRICES

Value Range
> $1,253,000 0.5
$940,001 - $1,253,000 1.0
$627,001 - $940,000 1.7
$502,001 - $627,000 2.3
$376,001 - $502,000 6.8
$251,001 - $376,000 14.2
$125,001 - $251,000 40.8
$63,001 - $125,000 25.9
$0 - $63,000 6.9

High for TX
Average for Nation

Value Relative to Nation Value Relative to State
40.6070549630845 24.2217898832685

Number Of Homes And Apartments:
20,320

Galveston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
112.88% 4.48% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,055 / per month

Homeownership Rate

Homeownership
Owners 40.47
Renters 59.53
Vacant 36.62

Housing Market Details

 

Age of Homes

AGE OF Galveston HOMES
2000 or Newer 13.2
1970 - 1999 39.7
1940 - 1969 28.2
1939 or Older 19.0

Types of Homes

TYPE OF Galveston HOMES
Single-Family 55.5
Townhomes 1.6
Small Apt. Buildings 10.9
Apt. Complexes 31.7
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Galveston HOMES
No Bedroom 2.49
1 Bedroom 21.20
2 Bedrooms 37.43
3 Bedrooms 28.23
4 Bedrooms 9.03
5 or more bedrooms 1.63