For most of 2021, home sales in the local area have consistently shown year-over-year increases based on monthly data. This month, however, was a different story. Some markets, such as 77008, 77091 and 77092, continued to ride the way. Others such as 77009, 77018, and 77007 saw a rare dip in their neighborhoods.
However, each of The Leader’s six zip codes continued to be ahead of last year’s sales pace through the end of July.
On the pricing front, five of the six local zip codes saw both average and median home prices continue rising. Zip code 77009 was the lone area to see a drop, which occurred in both average and median figures.
The area including Garden Oaks, Oak Forest, Shepherd Park Plaza and more was one of the three local zip codes to see its sales dip last month. Its 73 home sales in July was down 18 percent from the 89 sold last year. However, it remains 43.2 percent ahead of last year’s sales pace, having seen 570 sales through the end of July.
On the pricing front, the average buyer paid 2.1 percent more for a home here last month ($530,484) compared to July 2020. Median home price ended the month up 11.1 percent to $439,000
Up on the northernmost portion of the local area, neighborhoods such as Acres Homes, Greater Inwood and Northside showed the largest year-over-year percentage increase in home sales last month. There were 19 homes sold in the zip code, a 58.3 percent rise. On a year-to-date basis, there have been 168 homes come off the market since the beginning of the year – 35.5 percent more than the 124 sold in the same stretch in 2020.
The average home price for a buyer in this zip code last month was up to $272,443 last month – a 20.6 percent spike, which was the second-highest rise among area neighborhoods. The median home price also saw the largest spike in the area, rising 24.1 percent to $289,990.
The zip code including the western portion of Central Northwest and Langwood showed much the same tendencies as last July, with 29 homes coming off the market compared to 27 the previous year. However, this area has seen the largest year-to-date spike, with its 211 home sales to date representing a 63.6 percent increase over the same time frame last year.
Average home price in the area rose to $345,709, a 6.1 percent rise compared to same time last year, while the zip code’s median home price was up 7.1 percent to $332,000 at the end of the month.
Down in the Heights, Shady Acres, and Lazybrook/Timbergrove, year-over year home sales also held fairly steady with 119 houses coming off the market compared to 116 last July – a 2.7 percent increase. Year-to-date, the 822 sales through the end of July represent a 47.6 percent increase compared to the same period in 2020.
This zip saw the most dramatic increase in average home price, with buyers paying 25 percent more in July 2021 ($654,318) compared to the same month in 2020. Median prices in this area rose 9.9 percent last month up to $509,880.
On the eastern edge of the Heights, the zip code including Woodland Heights, Norhill Heights was the final of three local areas to experience a year-over-year drop in sales. There were 58 homes sold in this zip code last month, down 10.8 percent from the 65 sold the previous July. Through the end of the month, the area’s 397 home sales represent a pace that is 39.7 percent ahead of last year’s mark.
Last month’s local pricing outlier came in this particular zip code, with both average and median prices falling from last year’s mark. Average buyers paid 4.8 percent less for a house last month ($517,342), while the zip code’s median home priced dipped a whopping 18.4 percent down to $408,000.
The southernmost portion of the area was the biggest sales faller last month, with just 66 homes coming off the market – a 25.8 percent dip from the same month last year. Despite the dip, however, the 617 sales through the end of the month was 33.5 percent ahead of last year’s mark (462) during the same time period.
Home prices remained fairly flat in the area in July, with average price going up 1.7 percent to $618,432 and median home price edging up 0.7 percent to $483,425.