In 2008, the U.S. housing market and Hurricane Ike combined to send Galveston County home sales and prices into a free fall. After surpassing 1,100 homes sold every year between 2004 and 2007, sales fell to 898 in 2008 and 755 in 2009. The average home price dropped $66,000 in a single year. Housing developments in the county that had been started — some to the point of having new streets paved — were abandoned and left unfinished.
Today, however, local and state real estate experts paint a much different, more positive picture of the local real estate market.