Market Update-77092

The 77092 zip code was the only zip code in the area to see a year-over-year increase in home sales during March, according to data from the Houston Association of Realtors. (Photo from HAR website)

For much of the last couple of years, many local real estate markets have seen significant upticks in home sales. While that trend had continued for the first couple months of 2022, March brought a significant shift.

Five of the six zip codes served by The Leader saw either no change or a stark year-over-year drop in home sales last month, according to the most recent data report from the Houston Association of Realtors (HAR).

Among local markets, only the 77092 zip code – which encompasses the western portion of Oak Forest along with Langwood, Forrest Lake and Mangum Manor – saw a sales spike compared to March 2021, while the 77091 zip code (Greater Inwood/Acres Homes) experienced no change from last year. The rest of the local markets saw year-over-year dips of at least 8 percent, and they ranged to up to as much as a 27 percent decline, according to HAR data.

On the pricing front, all local markets saw both average and median prices continue to spike compared to last year.

77018

This zip code, which includes the Garden Oaks, Oak Forest and Shepherd Park Plaza neighborhoods, was one of the four local markets to see a sales dip. Eighty-four homes came off the market in March, a 12.7 percent drop from the 96 sold during the same month in 2021. The area is lagging 2.5 percent behind last year’s pace as a result, having seen 196 sales compared to 201 at the same point last year.

Pricing-wise, the average buyer paid 28.5 percent more for a home here ($649,414) relative to last year, and median price rose 19.6 percent year-over-year to $496,500.

77091

Just to the north, the Greater Inwood/Acres Homes area escaped a dip, though it didn’t see a rise either. The 32 homes sold here last month matched the March 2021 figure, according to HAR. This zip code is still 10.1 percent ahead of last year’s pace, however, having seen 76 homes come off the market compared to 69 through the same period in 2021.

The average price for a home in this area was up 10.2 percent to $292,969, while the median price jumped up 8.3 percent year-over-year to $294,950.

77092

The western edge of The Leader’s coverage area was the only local market to see a year-over-year sales spike last month. There were 45 homes that came off the market, which was a 32.4 percent increase from the 34 sold here last March. As a result, the zip code has had 85 homes sold so far in 2022 – a 7.6 percent increase compared to the same period last year.

Average buyers paid 3.8 percent more ($329,109) for a home here last month, and median price rose 1.9 percent year-over-year to $319,888.

77008

In the Greater Heights, a neighborhood that typically has seen some of the biggest growth rates in the area, was on the opposite end of the spectrum in March. Home sales in this zip code were down 27.5 percent year-over-year – the largest local drop – with 105 homes sold last month compared to 144 sales in March 2021. Following the March drop, the area is 4.8 percent behind its 2021 pace, with 277 sales through the end of March as opposed to 291 through the same period last year.

Average home sales price jumped 18.8 percent to $709,366 in the Heights last month, and median price had the largest local spike (20.7 percent) up to $610,000 at month’s end.

77009

There also was a bit of a downturn for the zip code including Northside and Woodland/Norhill Heights on the eastern portion of the area. There were 8.7 percent fewer homes sold here compared to March 2021, with the figure dropping from 62 in March 2021 to 57 last month. However, the 139 sales through the end of the month marks a 3 percent gain on last year’s pace of 135 sold during the same stretch.

On the pricing front, the average buyer paid $553,888 here last month – a 16.5 percent spike – and median price jumped 5.3 percent up to $470,000.

77007

In the Washington Avenue/Rice Military zip code, agents saw a 10.6 percent year-over-year downturn, with 101 houses coming off the market as opposed to 113 the previous March. There have been 246 sales through the end of March 2022, however, which is an 8.4 percent increase over the same period last year.

Pricing wise, the average home price was down 0.9 percent to $599,251, while median price jumped 5 percent year-over-year to $483,000 by month’s end.

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