Average Price Per Door Settles at $131,022
Values have reset, sales are picking up, and buyers are increasingly chasing newer buildings.
Chart: Price Per Door, from Cushman & Wakefield data.
- $131,022 average price per unit through May (Yardi Matrix)
- Sales running 31% ahead of 2025 (Northmarq)
- Northwest and Southeast Houston each drew 16% of sales
- Nearly a dozen 2020s-built properties sold year to date
The average Houston apartment sale priced at about $131,022 per unit through May, according to Yardi Matrix. Prices have reset from their 2022 highs after two forces hit at once: higher interest rates pushed cap rates up, and heavy concessions cut into net operating income.
Why the averages differ
Average price per unit depends heavily on what sells. Cushman & Wakefield’s first-half sample, weighted toward larger and newer properties, averaged about $230,800 per unit, up from $159,000 a year earlier, with an average deal size of $103.5 million versus $46.4 million. The jump reflects a shift toward bigger, newer assets, not necessarily higher prices for the same buildings.
Sales are coming back
Northmarq reports year-to-date sales running 31% ahead of 2025, though activity slowed from the first quarter to the second. Northwest and Southeast Houston each accounted for 16% of sales. Buyers are showing more interest in newer properties, with nearly a dozen 2020s-vintage communities trading so far this year.
Northmarq expects the pace to accelerate in the second half, with full-year 2026 volume likely topping both 2024 and 2025.
A reset basis is the main reason to buy in a high-rate market. It lets a deal work without assuming rates will fall.
Northwest Houston value-add (Jersey Village, Spring Branch) and Southeast Houston.
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Written by Price Per Door from public reports, filings and data. See all sources