As the new year began, home sales in local markets went soaring to get the market off to a good start in 2021.
Year-over-year home sales in January jumped anywhere from 22 to more than 111 percent, according to the most recent data from the Houston Association of Realtors, while local home prices showed varying results.
On the whole, local markets mirrored – and in some cases exceeded – the Greater Houston region’s sales trends.
In the zip code encompassing Garden Oaks/Oak Forest, Shepherd Park Plaza and others, there were 52 homes sold last month – a 33.3 percent spike from January 2020.
On the pricing front, this was one of two local markets in which homeowners paid less than last January. The average home price was down 3.8 percent to $468,044, while year-over-year median price was $395,000 – an 8 percent drop from last January.
Just to the west, the zip code which includes parts of Oak Forest and Greater Inwood showed the greatest year-over-year increase. The 19 homes sold here last month represent a 111.1 percent spike over January 2020, when just nine homes came off the market.
Pricing-wise, this zip code showed a slightly similar trend to its neighbor. Its median price dropped 11.6 percent to $255,475. However, homeowners paid $309,846 – a 12 percent increase over January 2020 – for a home in this area.
An area containing much of Greater Inwood and part of Acres Homes also had a strong sales month, with agents seeing 16 homes come off the market. That figure is a 45.5 percent year-over-year increase compared to last January.
The sharpest spike in the area’s year-over-year pricing trends was here as well. Homebuyers paid $286,026 in this zip code last month – a 45 percent rise. Meanwhile, median home price soared 59.7 percent from last January and was at $287,498 at month’s end.
In the Heights, the year-over-year sales spike was the second-largest in the area. There were 61 homes sold here last month, a 48.8 percent increase over the 41 sales last January.
Additionally, this market was one of only two in the area to see an increase in both average and median home prices. The average home went for $555,395 – up 1.3 percent from last year – while the median price ended the month at $487,000. That figure represented a 4.8 percent year-over year rise.
On the eastern edge of the Heights, the zip code including Woodland Heights, Norhill Heights and Northside saw 27 homes come off the market. The marked a 22.7 percent year-over-year increase for the area, which sold 22 in the same period last year.
Both average and median home price fell from their 2020 marks, one of only two local markets to demonstrate such a trend. The average price of a home dipped 5.3 percent to $424,548, while median price came was down 10 percent at $360,000.
Home sales stagnated on a year-over-year basis on the southern portion of the area, with the 41 homes sold last month matching the January 2020 total.
It was also one of three markets to see a year-over-year increase in home pricing. Homebuyers paid 9.9 percent more than in January 2020 ($515,379), while the median price of a home in this area rose 4.8 percent to $437,000.