Despite the effects of Hurricane Harvey, both the greater Houston and local housing markets have shown surprising resilience, with most demonstrating a pattern of slight growth in December 2017 compared to the previous year. According to the most recent report from the Houston Association of Realtors (HAR), our markets in the local neighborhoods mirrored the greater area’s patterns, which resulted in a 3.5 percent increase in homes sold along with a rise in both average (2.9 percent) and median (3.8 percent) price, to $291,340 and $229,000, respectively.
In the 77008 zip code, which envelops much of the greater Heights and Lazybrook/Timbergrove, realtors saw 937 total homes sold in December 2017, up 4.2 percent from 936 during the same time period in 2016. Accompanying the rise in homes sold was a slight uptick in both median and average home price; but both categories displayed a flat trend, each rising by slightly more than 1 percent.
Just to the east, in 77009 (which contains the rest of the Heights), total home sales jumped by more than 5 percent from its December 2016 figure – the largest jump in our local area – with 510 homes shooting off the market. Along those same lines, this market displayed the largest year over year boom in both average and median home prices. Average home price ended 2017 just under $439,000 – a 5.4 percent increase – while the market’s median home price jumped more than 11 percent according to HAR, coming in at $410,875 to end the year.
To the north, 77018 (Garden Oaks/Oak Forest), December 2017 figures came in with a 585 homes sold, up 3.2 percent from 2016, while average and median home prices both displayed modest increases between 2 and 3 percent from 2016, ending the year at $449,841 and $403,879 respectively.
Zip code 77092 – the remainder of Garden Oaks/Oak Forest — saw 244 homes sold in December 2017 (up 3.4 percent from 236 in December 2016). Average home price in these neighborhoods rose slightly from December 2016, to $261,591 (up 2.6 percent), while median price showed a similar 2.9 percent jump to $247,000.
Finally, in the northernmost part of the local neighborhoods, zip code 77091 (Northside/Greater Inwood) was the only local market to see a dip, experiencing a 15.5 percent drop in homes sold with just 93 homes sold compared to 110 in December 2016. Other than that, the market bounced back along with the rest of them, showing a 6.9 percent spike in average home price to $183,507 and a 9.1 percent increase in median home price $179,999 at year’s end.
When glancing at the greater Houston market, the most recent HAR report says that 2017 ended with sales of all property types in 2017 totaling 94,726 units, a 3.5-percent increase over 2016’s volume. Total dollar volume for single-family homes sold in 2017 rose 6.5 percent to $23 billion. And all of this happened despite the market being forced to recover from Harvey’s devastating effects. Months of inventory began the year at a 3.3-month supply, and while it grew to a 4.3-month supply just before Harvey struck the region, it ended 2017 at a 3.2-month supply according to the HAR report.
“No one could ever have imagined 2017 turning out to be a record-setting year for the Houston real estate market, which had weathered the effects of the energy slump only to have Harvey strike such a devastating blow,” said HAR Chair Kenya Burrell-VanWormer. “We know that many are still working tirelessly to rebuild their lives after Harvey, but overall, this clearly illustrates the incredible resilience of the people and the economy of Houston, Texas.”