Houston Real Estate: The November Digest
A little more than a year after Hurricane Harvey, Houston’s real estate market remains hard to pin down. The Houston Chronicle reported that home sales reached an all-time high in June with 8,518 closings. On the other hand, September saw a steep 4.4 percent dip in total home sales compared to 2017. When the hurricane hit last August, numbers skewed as buyers backed out of pending deals, but the market rebounded quickly in September when flood victims were forced to find new residences. Despite the distorted data caused by Harvey, most of Houston’s real estate landscape is largely unchanged with predictable neighborhoods boasting the most homes for sale and the suburbs housing fastest-selling markets. Here’s what you need to know about homes for sale in Houston.
The Heights is Highly Desirable and Meeting the Demand
View homes for sale in Greater Heights
Unsurprisingly, the Greater Heights—Houston’s inner-loop suburb—has the most homes for sale this month. At the time of this article, a staggering 549 properties are available on Neighborhoods.com, a majority of which are quaint bungalows, revamped Victorian mansions, and multi-level houses with verandas evocative of New Orleans’ French Quarter. Montrose follows with 444 homes for sale, 100 fewer than the Heights but still a notable number.
Though the Heights is seeing an increase in commercial development with the arrival of third wave coffee shops and the millennial magnet Heights Mercantile shopping center, the neighborhood remains one of the largest residential communities in the loop, and it’s popular among families.
The Heights’ suburban appeal combined with its proximity to Downtown skews real estate toward the pricier side with a median sale price of $470,000, according to Neighborhoods.com data, which is more than double the city’s median. However, since the neighborhood has such a large market and an area spreading just over 7 square miles, homes hovering around the mid $100s are not uncommon.
Our Users Are Interested in Houston Suburbs
View homes for sale in Summerwood
Neighborhoods.com users are primarily interested in Houston’s suburbs and master-planned communities: MPCs Summerwood and Waters Edge on Lake Houston, suburbs Remington Ranch and Mission Bend, and the luxurious River Oaks were searched the most on the site.
… And Homes in the ‘Burbs Are Selling Fast
According to the Houston Business Journal, the suburbs dominate the list of the fastest selling homes in Houston. Copperfield, a master-planned community northwest of Downtown, takes the top spot with homes averaging 57 days on the market. Pearland comes in second with 66 and Jersey Village follows close behind with 69.
Royal Oaks and Downtown are among the slowest selling homes spending an average of 197 and 201 days on the market respectively. As the article states, lower-priced areas as well as those close to major oil and gas job centers are more likely to sell quickly.
Houston’s Most Popular Neighborhoods Are Seeing Competition
View homes for sale in Montrose
The Heights and Montrose usually have the most homes for sale. Both are hip, art-centric areas that attract millennials in droves but still have a lot of historic charm. The dining scene is unrivaled; both are meccas for brunch and craft cocktails. Washington Corridor, a vibrant nightlife playground, is sandwiched between the two, and Downtown’s business and theater offerings are spitting distance away.
EaDo, however, is quickly gaining momentum, and it’s slated to be next in line for the throne. Once lumped in with Downtown and the Greater East End, EaDo (given its hip amalgamated title in 2008) is finally coming into its own. Home to BBVA Compass stadium, EaDo is popular with sports fans, and the neighborhood is undergoing a commercial and residential boom. A massive three-restauraunt dining concept is forthcoming. And, local developer Frank Liu is planning to construct a 120-home subdivision.
Houston’s Most Expensive Neighborhoods Have A Lot to Offer
View homes for sale in River Oaks
Inner-loop neighborhoods River Oaks and West University Place are the city’s most expensive. River Oaks is a trendy shopping district whose high end retailers draw sophisticates and celebrities. The neighborhood’s median sale price is about $1.1 million, but homebuyers get what they pay for. Stately mansions with manicured laws and wrought iron gates line the wide, magnolia-scented streets. The architecture varies from elegant Georgian homes to sprawling Spanish colonials. And, the neighborhood is home to the prestigious yet public River Oaks Elementary which has a perfect rating on GreatSchools.
West University Place has a median sale price of $1.2 million. Though higher priced than the suburbs, West University Place cracked the top 20 list of neighborhoods with the fastest selling homes; homes spend an average of 103 days on the market. The neighborhood is one of the most prosperous and was ranked No. 1 in the South for highest quality of life. Schools in West U clinch 9 and 10 ratings on GreatSchools, and the neighborhood is one of the best places to raise a family.
…But So Do the City’s Most Affordable
With a median sale price in the mid $100s, the Medical District embodies urban affordability like no other neighborhood. Healthcare is Houston’s largest industry, and the Medical District is a prime spot for medical professionals. The lush 445-acre Hermann Park, the bikeable 30-mile Brays Bayou Greenway, and nearby museums cement the Medical District as the Houston neighborhood with the biggest value.
Independence Heights borders the Greater Heights—meaning you can access all of the Heights’ desired amenities without the hefty price tag. Homes in Independence Heights have a median sale price in the high $200s, a whopping $200,000 less than the Greater Heights. Not only that, but a sleek new Whole Foods Market 365 just opened in the neighborhood, becoming the area’s first major grocery store. Independence Heights, located just outside the 610 loop, gives residents a dose of suburban tranquility while remaining close to the city’s bustling core.