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Houston Housing Market Heats Up in Suburbs with New Construction

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Houston Area Housing Market Booming in Suburbs with Affordable Options

A recent report by the Houston Association of Realtors (HAR) reveals a surge in home buying activity outside of Houston's city center. This trend is driven by buyers seeking more affordable housing options.

Fulshear/South Brookshire/Simonton, located over 30 miles west of downtown, witnessed the most significant growth. Home purchases in this Fort Bend County community skyrocketed by an impressive 103.6% year-over-year, claiming the top spot on HAR's "Hottest Communities" list for the third consecutive quarter in 2023. While Fulshear offers affordability, the average home price still sits at $518,943.

Crosby came in second, experiencing an 83.6% increase in home sales compared to the previous year. This area, previously ranked 25th, has seen a remarkable rise in popularity. The average home price in Crosby is significantly lower at $274,326.

The report highlights a clear trend: suburban areas with new construction are attracting the most buyers. In the top five communities, new homes accounted for at least half of all sales during the fourth quarter of 2023.

Eight out of the ten hottest communities boast average home prices below the Houston area's overall average of $412,161.

"Affordability continues to be a major draw for homebuyers seeking opportunities in suburbs and outlying areas," commented HAR Chair Thomas Mouton. "This trend reflects a growing emphasis on cost-consciousness in today's market, with buyers prioritizing their dream of homeownership while making smart financial decisions. As prices stabilize and inventory remains strong, buyers will also benefit from a wider selection of homes."

The report also explores the luxury market, where homes exceed $1 million. Westchase, situated south of Westheimer and west of Gessner, emerged as the top performer in the final quarter of 2023, with an average luxury home price of $1,095,758.

Leslie Don Wilson

Brokered by: HomeSmart Stars 
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

New construction is the key to more homes for sale.  Thanks for sharing - have a great day

Apr 30, 2024 05:54 AM