Over the past few years, the housing market in Houston has undergone dramatic changes. Today, prices are well above the low point in late 2011 and 2012, about 3% higher now than they were last year at this time. Which neighborhoods are performing best? Let’s take a look.
The Overall Trend in Houston
December 2011 marked the lowest point in Houston’s housing market over the last decade, with average home prices sitting at $126,000. Today, according to Zillow, that number looks much better. Average home prices for February 2017 are nearly $50,000 more ($175,000 on average to be exact).
This suburb of Houston is always in high demand. Data from Realtor.com shows that prices are holding steady with median listing prices resting between $300,000 and $350,000 – well above Houston’s overall average. This is up from a median price of roughly $225,000 in January 2014. Homes in this neighborhood are snapped up quickly, with the latest numbers showing the median amount of time on the market at 48 days.
This is another great market. Tomball is reporting median listing prices at $350,000 right now, up from $200,000 in January 2014. Whereas the Cypress market appears to be holding steady, prices in Tomball are steadily increasing by a few percentage points each year.
Spring isn’t experiencing quite the growth that Tomball is seeing but even so, median listing prices in this area are currently $330,000. That’s up from $218,000 in January 2014.
Hockley had a rocky year in 2015 with median listing prices fluctuating rapidly between a high of $348,000 and a low of $238,000. Over the past year, the market has stabilized and median listing prices are now steady between $250,000 and $300,000 which is a big improvement over January 2014’s median price of $192,000.
These four suburbs are representative of Houston’s housing market in general. Today, homes all across the city, particularly in high value neighborhoods like The Woodlands and elsewhere are well above prices from the last decade. Growth is expected to continue at a steady rate as Houston keeps on expanding.