Steve Madray of Texas is a decorated military officer who, now in his civilian career works as a real estate developer and investor. While working in construction soon after his post-military life, Steve gained expertise in site work, project management and estimation during that time. With a knack for real estate, Steve founded Benchmark Properties and Consulting firm in 2018. Steve Madray not only manages his firm, but his own commercial property investments as well. In the article below, Steve Madray discusses investing opportunities in the state of Texas, how the market and local economy is booming, and why investors are flocking to the Lone Star state.
As the largest contiguous state in the United States, Texas has a lot to offer potential real estate investors—from highly urbanized properties in Houston and Dallas to untouched raw lands throughout the state’s north, central, and western territories. And, best of all, Texan realty prices fall well below the national average, making it a prime location for potential growth says Steve Madray of Texas.
As several major corporations relocate to the Lone Star State, land and property values are expected to skyrocket over the next few years. To get in on the growth, it’s best to invest now and take advantage of the state’s still-affordable land. Steve Madray of Texas takes a look at a few of the most attractive markets and discuss how investors can capitalize on Texas’s massive upside potential.
Texas Remains a Prime Location for Raw Land
Texas may be home to some of the largest urban centers in the nation but it’s also a state with expansive territories of undeveloped land. According to the latest data from the Texas Farm Bureau, roughly 83% of the state is rural. Much of this rural land is located in the state’s vast western territory—an area often referred to as “West Texas.”
Steve Madray of Texas says that the western part of the state is a large region that covers almost a third of the state and is home to some of the most untouched land in Texas. This region is sparsely populated and largely undeveloped, making it the perfect place for investors looking to purchase raw land. And, best of all, land in West Texas is still relatively affordable.
The median price per acre of land in Texas is $3,725—well below the national average of $5,050 per acre. And, in some parts of the state, land can be had for as little as $1,200 per acre. Of course, not all of Texas is rural. The state is home to two of the largest cities in the nation—Houston and Dallas—both of which offer investors a wealth of opportunity says Steve Madray of Texas.
The Houston Real Estate Market is Booming
The Houston real estate market is white-hot right now. According to the latest data from the Houston Association of Realtors, the city’s housing market is up 8.0% from last year. Yet, despite the boom in interest, housing prices have risen at a lower rate than the national average, suggesting greater stability and resilience in the face of rapidly rising inflation throughout the country.
Additionally, Steve Madray of Texas says that housing prices remain well below the national average, making it a top market for investors hoping to capitalize on Houston’s rapid development. As of July 2022, the median housing price sat at just $320,000, which is roughly $25,000 below the national median of $346,900. And properties are selling fast. According to last month’s data, the average home sold within just 14 days, highlighting the massive demand for properties.
Investors looking to capitalize on Houston’s booming real estate market would be wise to focus on the city’s downtown area explains Steve Madray of Texas. Downtown Houston is currently undergoing widespread redevelopment as a number of old office buildings and warehouses are being converted into high-end apartments and condos.
This redevelopment is attracting a new wave of residents to the downtown area and, as more and more people move into downtown Houston, property values are expected to continue to rise. Considering that Houston is already the fourth largest urban center in the nation, apartment values could eventually rival Los Angeles and Manhattan.
Texas Continues to Attract Industrial Investors
The local economy is booming right now according to Steve Madray of Texas. The state’s unemployment rate is at a record low of 4% and, according to the latest data from the Texas Comptroller’s office, the state’s economy is expected to grow by 4% this year.
Steve Madray of Texas says that this growth is attracting a lot of attention from industrial investors. Companies such as Tesla, Oracle, Samsung, and Hewlett Packard are relocating to Texas to take advantage of the state’s business-friendly environment. And, as more and more companies move to Texas, the need for industrial space is skyrocketing. The Houston area alone is expected to need an additional 15 million square feet of industrial space by 2025.
Steve Madray of Texas says that investors looking to capitalize on the growing demand for industrial space would be wise to focus on the Dallas-Fort Worth area. This region is home to a number of major corporations, including Walmart, Amazon, and FedEx, and, as interest in the region continues to grow, the market value of available industrial space is sure to appreciate.
The Bottom Line
Texas is a prime location for real estate investors. The state offers a wealth of opportunity, from urban redevelopment projects to untouched raw land. And, best of all, Texan real estate prices are still well below the national average. For investors looking to get in on the ground floor, there’s no better time than now to invest in Texas real estate.