Houston Housing Market Rebounds 10 Months After Harvey — Q&A with Amy Bernstein
Amy Bernstein, Bernstein Realty of Houston
HOUSTON – (Realty News Report) – Nearly ten months after Hurricane Harvey struck Houston, the residential real estate market continues to feel the impact. The dramatic images of high-water rescues in some of the city’s most prestigious neighborhoods left a lasting impression worldwide. Prospective residents and relocating families understandably ask whether such flooding could happen again, whether a house that flooded during Harvey will carry a lasting stigma, and whether investors are actively buying water-damaged properties. To shed light on these questions, Realty News Report spoke with Amy Bernstein, founder of Bernstein Realty, who launched the company in January 1985 to combine her two passions: people and real estate.
Realty News Report: Harvey hit Houston in late August. Has the residential market fully recovered?
Amy Bernstein: I believe the residential market in Houston remains in recovery. The inventory includes many properties that still require remediation, several that have been elevated, others that were demolished, and a substantial number of new-construction homes. As a result, the market currently shows a large supply of properties affected by Harvey.
Realty News Report: Hurricane Harvey disrupted the Houston real estate market and the economy. We’ve seen job growth improve in recent months and home sales are strong. How would you describe market conditions today?
Amy Bernstein: Buyer confidence is solid, and although interest rates have risen, they remain relatively low. Still, supply appears to outpace demand in many of the flooded areas. Many buyers are taking advantage of favorable market conditions, and the summer months seem to be moving the market toward a more balanced state.
Realty News Report: What’s happening in the relocation sector? Are companies moving people to Houston? Are new residents worried about another Harvey?
Amy Bernstein: According to our Relocation Director, Mary Piper, people are still moving to Houston. During conversations with relocating individuals, questions about whether a particular home has flooded often arise. Flood zones and the fact that hurricane season continues are top concerns. The media coverage tends to be cautious, which also influences prospective residents’ perceptions.
Realty News Report: What about Meyerland, the southwest Houston community that was hit hard by Harvey? What’s happening there now?
Amy Bernstein: Meyerland was severely affected by Harvey, but the neighborhood is resilient and rebuilding. I expect Meyerland to remain desirable, featuring a mix of new construction, elevated older homes, and original houses that have been gutted and remodeled. Its convenient location continues to attract buyers, and there is optimism around the bayou widening projects, which many hope will reduce the risk of future flooding.
Realty News Report: West Houston, the Energy Corridor, and communities near the Addicks and Barker reservoirs experienced significant flooding after Harvey. What’s happening in West Houston now?
Amy Bernstein: West Houston remains a highly desirable area. The flooding caused by the reservoirs’ releases was a shock, and it served as a hard-learned lesson for many. People rebuilding in these neighborhoods generally feel this was a rare event, and some see it as an opportunity to buy into areas that were previously pricier. Many homes are being remodeled or replaced with new construction, and the newer homes will integrate well with renovated properties. I believe these neighborhoods will regain strong appeal over time.
Realty News Report: Are investors buying flood-damaged homes?
Amy Bernstein: Yes. Investors are purchasing flood-damaged properties, and so are many individuals eager to rebuild and remain in these neighborhoods.
Realty News Report: Your own home flooded twice—once in 2015 and again in 2016. What happened, and what did you learn from those experiences?
Amy Bernstein: My home flooded on Memorial Day in 2015 and again on Tax Day in 2016, but it did not flood during Harvey. Those events taught me that when intense rain falls quickly, some Houston streets are simply prone to flooding. Because I love my neighborhood and my home, I now keep materials on hand to raise furniture and rugs if water approaches. Though flooding is emotionally devastating, it is repairable—and in many cases the home can be improved in the process.
Realty News Report: If a home flooded during Hurricane Harvey, does it carry a permanent stigma?
Amy Bernstein: I certainly hope not. Over time, the stigma diminishes if the property does not flood again. A key concern is whether remediation was done properly; sellers should retain thorough records of all repairs. Mold inspection companies will continue to be in demand as homeowners and buyers seek assurance that remediation was handled correctly.
Realty News Report: Anything else you’d like to add?
Amy Bernstein: Many of the areas affected by Harvey include some of Houston’s most desirable neighborhoods. These communities remain well-located and often zoned for good schools, which supports their long-term appeal. Because of Houston’s development patterns, flooding can occur in many parts of the city, so having flood insurance is important—and generally affordable. Being prepared with supplies, keeping current flood insurance, and maintaining readiness can lessen the financial and emotional impact. And, on the bright side, at least we don’t have to worry about earthquakes.
