Homes Market Update

As we come to the latter portion of the 2021 calendar, home sales are continuing to boom in many local zip codes as evidenced by data from the Houston Association of Realtors (HAR).

Leading the way for the area was the 77007 zip code, which includes the Washington Avenue and Rice Military areas, which saw its year-over-year August home sales rise by more than 30 percent, according to the most recent data from HAR. It was the only zip code in the area to do so.

Greater Inwood and Acres Homes (77091) was a close second after seeing a 26.7 percent increase.

Two area zip codes, 77018 and 77008, saw dips ranging from minimal to moderate, while the 77092 zip code saw no year-over-year change. Zip code 77009 saw nearly a 15 percent spike, according to HAR’s data.

Average home price generally rose – though Greater Inwood/Acres Homes and Woodland Heights/Northside each saw slight dips – while median home price rose in five of the six local zip codes.

77018

The zip code including Garden Oaks and Oak Forest as well as Central Northwest and parts of Northside and Independence Heights was one of two local markets to experience a year-over-year sales dip, with numbers dropping 7.9 percent from 76 homes sold in August 2020 to 70 this past month. However, the zip code's 649 sales to date remains 35.8 percent ahead of its 2020 pace.

On the pricing front, the average buyer paid 11.1 percent more for a home last month ($583,304) compared to August 2020, while median home price went up 3.2 percent to $441,250.

77092

Neighborhoods on the western edge of the area, which include parts of Kempwood and Langwood, saw 20 homes come off the market last month, matching its August 2020 output. Year-to-date, the 232 home sales in this zip code are 54.7 percent ahead of last year’s mark of 150 through the same period.

Buyers saw a year-over-year price increase in this area, too, with average price rising 4.2 percent to $336,820 and median price jumping 17.9 percent – the largest median jump in the area – to $325,000 at month’s end.

77091

In an area encompassing much of Greater Inwood and Acres Homes, year-over-year August sales volume jumped 26.7 percent – the second-biggest local sales jump – with 19 homes coming off the market compared to 15 sales in August 2020. Through the end of the month, there were 188 homes sold in this zip code – 34.3 percent more than the 140 sold during the same period last year.

Pricing-wise, average home price dipped slightly (0.4 percent) to $267,765, while median price ended the month down 1.6 percent to $289,990.

77008

The Greater Heights was only the second area zip code to experience a drop in year-over-year sales volume, though it was not drastic. Agents saw 108 homes sold last month, down 1.8 percent from the 110 sales in August 2020. However, the Heights is still 39.1 percent ahead of its 2020 sales pace, having seen 932 homes sold so far this year compared to 670 through the same time frame in 2020.

The average buyer paid 8.5 percent more for a home here ($602,791) compared to August 2020, while the median price rose 16.2 percent year-over-year to $555,000.

77009

Just to the east, the zip code which includes Woodland Heights and Northside Village saw a year-over-year sales volume jump of 14.6 percent, seeing 55 homes sold compared to 48 in August 2020. Its 459 homes sold so far this year represents a 37 percent year-to-date jump compared to last year.

This area was one of two local zip codes (along with 77091) to see a dip in average home price. Buyers paid 6.5 percent less ($501,058) on average than last year, though the median price rose 2 percent to $449,000.

77007

This area, which includes Rice Military and Washington Avenue, saw the biggest local jump in year-over-year sales volume. There were 31.8 percent more homes sold in August 2021 (87) compared to the 66 sold in the same month last year. On a year-to-date basis, the zip code’s 711 homes sold is 33.6 percent ahead of last year’s pace through the end of August.

The 10.6 percent rise in average home price to $570,010 last month was the second-largest local bump, while median price also jumped 13.8 percent to $495,000 by month’s end.

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