Some households are buying homes in smaller, less expensive suburbs as home prices and interest rates remain elevated during Q4 2022
HOUSTON — (January 31, 2023) — Rising home prices and affordability challenges have led to a shift in where some families are choosing to live in the Greater Houston area. The Houston Association of REALTORS®’ (HAR) inaugural report of the Hottest Communities in the Houston Area reveals more people purchased a home in smaller markets in the fourth quarter of 2022.
The report is based on the percentage increase in the number of transactions in each of the 206 real estate market areas in the Greater Houston area compared to the same time last year.
Significantly more households bought a home in communities in the north and western parts of the Houston area this year, such as Magnolia, New Caney and the Stafford area. Based on the data, Magnolia/1488 West had the greatest increase of home purchases in the fourth quarter of 2022, with transactions increasing 34.9 percent year-over-year. The average home price in this community was $368,731.
“During these more challenging economic times, prospective buyers are going to great lengths to find a home that fits their budget,” said HAR Chair Cathy Treviño with Side, Inc. “The American dream of homeownership is still attainable as home prices level off and mortgage rates ease, but for some households that means moving farther away from the heart of the city to smaller suburbs and more affordable communities.”
The report also looked at the hottest luxury communities in the Houston area where homes are priced over $1 million. All the top luxury communities are located west of downtown Houston. The Highland Village/Midlane area was the most active luxury community in the last quarter of 2022. The average home price there was $1,680,114.
The next list is the top 50 areas in home buying in the greater Houston Gulf Coast area. As you can see, the Mass Exodus from Houston and Harris county is in full swing! This chart shows the good and the bad in regards to what is going on in the real estate market in the Houston Texas and surrounding counties.
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