Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Houston, Texas, specifically a market update for the neighborhood of Oak Forest. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in Oak Forest?
We currently have 19 homes pending, with 7 homes sold in the last two weeks, averaging a sale price of $332 a square foot. Seven homes sold over the asking price.
Compared to the two weeks prior: Homes sold are up from 5 homes sold to 7 homes sold and the average sales price is also up to $1,020,833 ($1,002,198 previously). Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can request your free home evaluation here or email us here.
If we look at how fast the move-in ready homes are going, the demand in this area has not surpassed the supply, making it still a great time to sell. Buyer agents around Houston are seeing a slow in the real estate market, but it isn’t affecting every neighborhood. I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways!
The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in Oak Forest.
Insight From Jo
Twenty-eight of the largest metropolitan housing markets have seen falling home prices on a year-over-year basis heading into 2025 including Austin, Dallas, San Antonio, Killeen, Lubbock, Corpus Christi, and Laredo, but Houston was not one of them. The pandemic-fueled migration has slowed, partly due to the increased mortgage and insurance rates, but Houston and the surrounding suburbs have not seen that drastic decline the other Texas metros have seen. I personally think this is the case, because we haven’t seen the heavily inflated prices and have many affordable suburbs. Developers have been able to find affordable land in the suburbs such as Conroe, Magnolia, Tomball, and Porter allowing beautiful and affordable homes to be built just 15-30 minutes from city centers.
Most family who are considering a relocation to the Houston metropolitan area are also considering the Dallas metropolitan area. In the last five years, Dallas has seen a 44% increase in value/prices, while Houston has only seen a 36.9% increase in value. To add more perspective to the national wide picture, Miami has seen a 62.2% increase in prices, Tampa has seen a 59.4% increase in prices, and Nashville has seen a 48.8% increase in prices. Most ranges were between 40% and 65%. You can access the data by clicking here.
Please keep in mind these numbers are averages, so there are some neighborhoods and suburbs way above the averages. It all depends on desirability of that area and the state of the homes.
I have really been into statistics lately. The most interesting one I have found is see a data point comparing September of 2024 to October of 2024, where the medium sales price for a single family home in the United States went from $426,800 to $437,300. And if we focus on local numbers, we will see homes sales surpassed 2023 levels for the third consecutive month, while inventory continued to expand, which was reported December 11th, 2024. The high end of the market saw the strongest performance in November. Sales in the luxury segment ($1 million+) were 21.4 percent higher than the same time last year.
November Monthly Market Comparison
November marked the second consecutive month where total property sales were in positive territory with sales increasing 3.3 percent year-over-year. Total dollar volume rose 11.1 percent to $3.1 billion. Active listings, or the total number of available properties, were 22.1 percent ahead of the 2023 level.
Houston Real Estate Highlights in November
• Single-family home sales increased 6.0 percent year-over-year;
• Days on Market (DOM) for single-family homes went from 48 to 52 days;
• Total property sales were up 3.3 percent with 7,750 units sold;
• Total dollar volume rose 11.1 percent to $3.1 billion;
• The single-family median price was up 1.5 percent to $329,900;
• The single-family average price climbed 4.1 percent to $418,903;
• Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last November.
• Townhome/condominium sales declined 12.0 percent year-over-year. The median price declined 6.6 percent to $224,000, and the average price was down 10.0 percent to $242,617.
While it is fun to look at statistics, and they do give you an overall picture, one must really focus on a specific area to see how this would affect you buying or selling in that given area.
I have personally seen seller activity increase, and buyer activity decrease the last two weeks, which will drive us even deeper into a buyer’s market. But I only think this will last the next month or two. Then I foreshadow things changing directions. Slowly, but surely, that is what I forecast.
What is happening in the real estate market nationally?
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Last week, mortgage rates trended lower. Pending home sales increased in November. In October, home prices increased on the FHFA house price index and the Case-Shiller home price index. Mortgage application submissions dropped. Continuing and initial jobless claims each saw declines, and construction spending was unchanged in November. |
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Here’s what 2025 will bring for the housing market. Watch Now >>
- Chris Clow on Reverse Mortgage lending opportunities in 2025. Listen Now >>
- The two biggest housing market trends to watch in 2025. Read Now >>
Market Recap
- Pending home sales increased in November, rising 2.2% month-over-month to bring the index to a level of 79.0.
- The FHFA House Price Index rose 0.4% month-over-month in October, a slightly lower increase than the expected 0.5% expected rise.
- The 20-city Case-Shiller Home Price Index exceeded expectations in October, climbing 0.3% month-over-month.
- Mortgage application submissions fell 21.9% from two weeks prior. The holiday adjusted Refinance Index tumbled 36% from two weeks earlier, but was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 13% over the two-week period.
- Continuing Jobless claims fell by 52,000 the week ending 12/21, dipping to a level of 1,844,000. This is a much larger drop than the expected decline of 6,000.
- Initial jobless claims dipped by 9,000 during the week ending 12/28, falling to a level of 211,000. Experts had predicted a slight increase.
- Construction spending was unchanged in November, following October’s 0.4% monthly increase.
Review of Last Week
NO SANTA… Friday, the Santa Claus rally period ended with weekly losses for the three major indexes. However, Santa didn't show in January 2024 either, yet the broad-based S&P 500 went on to post a 23.3% gain for the year.
Traders are hopeful but not happy about the economy, as the December ISM report showed manufacturing contracted for the ninth straight month. Wall Street also continues to worry the Fed will slow rate cuts this year.
But stocks rebounded Friday, helped by the low level of initial jobless claims, reflecting a situation where employers are reluctant to let workers go because they have an optimistic view of the prospects for their businesses.
The week ended with the Dow down 0.6%, to 42,732; the S&P 500 down 0.5%, to 5,942; and the Nasdaq down 0.5%, to 19,622.
Bonds overall finished positive for the week, the 30-Year UMBS 5.5% edging UP .01, to $98.20. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate up a tad from the prior week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Listings in December were 22% higher compared to last year, the fourteenth straight month of annual gains. However, inventory was at its lowest level since June due to seasonality.
Market Forecast
MORTGAGE APPLICATIONS, SERVICES, JOBS… We'll check the weekly MBA Mortgage Applications Survey for a rebound in buyer activity after the holidays. The December ISM Services Index is forecast to show a little more expansion in activity for this major sector of the U.S. economy. Economists expect the December jobs report to log a smaller number of new Nonfarm Payrolls, a lower increase in Average Hourly Earnings, and a hold to the 4.2% Unemployment Rate.
Summary
The Pending Home Sales measure of signed contracts on existing homes headed up in November for the fourth month in a row, nearly 7% ahead of last year, and at the highest level since the beginning of 2023.
Residential builders spent more on construction overall in November versus the month before. That was 3% more than a year ago, with the monthly gain driven by spending on much-needed single-family homes.
Home prices are rising, but slower. The S&P CoreLogic Case-Shiller National index was up 3.6% annually in October, down from 3.9% the prior month. The yearly gain in the FHFA home price index was 2% lower than a year ago.
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
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