The Houston real estate market kicked off the new year in generally positive territory, with sales up and a mixed pricing performance accompanying an unchanged 3.3-months housing inventory from January 2017. Following suit, many of our local markets showcased results on both ends of the spectrum on nearly all fronts according to latest report from the Houston Association of Realtors.
Mixed results in home sales
Overall, the greater Houston market saw an 8.9 percent rise in the sale of single-family homes, but the scene was much different in our neighborhoods. In 77007 (encompassing southern portion of the Heights and Rice Military) saw just 23 homes sold in January 2018 compared to 42 the year before – a dip of more than 45 percent.
Meanwhile, those in the 77008 (Greater Heights/Lazybrook/Timbergrove) zip code saw 53 homes sold last month, compared to 36 during the same period in 2017, an epic spike of more than 47 percent. To round out the Heights, zip code 77009 (eastern portion of Heights/Near Northside) saw a slight dip in sales, as 27 homes came off the market compared to 32 the year before.
Continuing up north, the Garden Oaks/Oak Forest neighborhoods 77018 held relatively steady with buyers closing on 24 homes last month, compared to 25 the previous January, while 77092 (western Garden Oaks/Oak Forest/Greater Inwood) saw a similar dip – 11 homes sold last month compared to 13 the previous January.
Prices rise across the board
Across Houston single-family home average price declined 2.1 percent around the greater Houston market and median price rose 3.8 percent to $218,000 according to the HAR report. Median price for our local neighborhoods followed suit; however, average local price showcased a steady rise, beginning with Rice Military and the Heights.
Realtors in this area saw enormous average price jumps accompany the dip in homes sold, with January 2018 coming in at $540,637 according to the HAR report – a spike of more than 24 percent, representing the area’s most substantial rise among markets with a sizeable amount of sales. Likewise, their median home price came in under the wire at a 9.2 increase over January 2017, ending the month at $439,000.
In 77008, average price spiked by 12 percent, ending the month with an average price $509,661 compared to $452,499 the previous January, while 77009 experienced a slightly lesser 9.3 percent rise to $346,746 from $317,294 the year before. For the median price, the Greater Heights held relatively steady, while the eastern Heights and Near Northside realtors and buyers saw a 14.9 percent jump from $277,750 to $319,000.
North of the 610 Loop, Garden Oaks/Oak Forest average price jumped to $523,300, a more than 20 percent spike from January 2017’s figure of $435,696, while median price held relatively steady at $427,250. Finally, 77092 a modest 5.3 percent jump in average home prices, while median prices rose about 14 percent over 2017’s figure to $285,000 according to HAR’s report.
“The Houston housing market seems to have carried the positive momentum from 2017 into the new year, even with some softening in the high end,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase. “We hope to sustain that positive momentum with 28,000 new homes slated for construction this year, according to Metrostudy, as well as healthy gains in employment.”