Houston real estate is on fire, with two years straight of strong sales. Neighborhoods such as Houston Heights is a big part of this. For instance, did you know that Houston Heights' land value has increased by a whopping 64% in just 10 years?
Houston Heights is a well-known Houston neighborhood with well over 3,700 homes. Houston Heights can be found North of the I-10 highway, South of Loop 610 and West of Highway 45. Initiated by Houston real estate developer Oscar Martin Carter back in 1891, Houston Heights is one of Houston's oldest and very first master-planned residential areas.
Through effective planning and healthy mix of deed restrictions in some of its areas, Houston Heights have been one of Houston's best performing neighborhoods in real estate. Homes in The Heights have appreciated significantly over the last 10 years and developers have started building more single-family and townhomes to meet growing demand.
The Houston Heights Real Estate Appreciation Report below (source: HoustonProperties.com) outlines just how well Heights homes have been doing the last 10 years. Numbers are from 2003 to 2012.
Here are 5 Houston Heights interesting trends you have probably never heard about or expected.
1. Houston Heights homes' land value per square feet rose by a whopping 64%.
A better indicator of property value, Houston Heights' land value per square feet rose by 64% in just 10 years. The $19 land square per square feet value from 2003 has ballooned to $32 in 2012. Considering the recession and previous problems in US real estate, this figure goes beyond being impressive.
2. Houston Heights homes bought in 2003 almost doubled in value after 10 years.
With a 41% increase in average price per square feet between 2003 and 2012, homes in The Heights bought 10 years ago have almost doubled in value. A home worth $229,000 in 2003 jumped to $400,000 in 2012.
3. Houston Heights homes increased by roughly a quarter of its price in just one year.
Houston Heights homes' median sales price surged by 21% in 2012, making it one of the best performing neighborhoods in Houston last year. In dollar volume, this is equivalent to an average increase of nearly $70,000.
4. Houston Heights property appreciation still performed well despite the recession.
Over the last 10 years, the value of Houston Heights homes surprisingly remained stable. The data actually even pointed to a 7% increase in median price sales price between 2008 to 2012.
5. Trends point to a strong 2013 for Houston Heights real estate.
Forbes data show that around 50,000 people relocated to Houston in 2012, with 4,000 more moving to the city each month this year. Home inventory are at its record-low of 3.3 months. However, 28,000 new homes are set to begin construction by the end of the year. The 10-year report (specially last year's 21% surge) support the optimism for a strong 2013.
About Paige Martin - Top-ranked Houston Realtor
As featured on Fox News in the Morning, the Houston Chronicle, and Houston Magazine, Paige Martin, a consistent Top Producing Broker-Associate and the owner of HoustonProperties.com, is ranked amongst the very top Keller Williams agents in the Houston area.
Paige was named the #1 Ranked Individual Agent in the Keller Williams Memorial Office for 2012, 2011 and 2010. She has been a consistent top producing agent, winning awards in 2007, 2008, 2009, 2010, 2011, 2012 & 2013 for her production levels.
Additional awards include Five Star Professional Real Estate Agent (given to fewer than 7% of Houston realtors), Houston Realtor of Excellence Award, Houston Realtor Par Excellence Award, Top Google Houston Real Estate Award, Talk of the Town Award for Excellence in Customer Satisfaction, in addition to many other honors.
In addition, over 75 of her prior clients have publicly endorsed and recommended her via LinkedIn, YouTube Videos and HAR. See one of them below.
"Our realtor was exceptional. If not for her the deal might of not occurred. She is intelligent, patient, knowledgeable and considerate all while making things happen. Bravo to Paige Martin, best Houston realtor."