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 34 homes pending, with 9 homes sold in the last two weeks, averaging a sale price of $321 a square foot. Nine homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are slightly down from 12 sold, and the average sales price is down as well. This is most likely a coincidence, so we will be sure to keep an eye on it over the next couple of weeks. 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 the neighborhoods. 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
A Shift is Coming
Over the last two weeks, we’ve seen a rapid increase in housing inventory across the Houston area, signaling that a market shift may be on the horizon. While buyer activity has also picked up, the surge in new listings far outweighs the number of active buyers. This imbalance suggests that we could be entering a more buyer-friendly market, or at the very least, a period of longer days on market for many sellers.
That being said, homes that are well-priced and in desirable areas are still moving quickly. Just this past week, I had clients inquire about two homes—only for them to go under contract the very next day. This tells me that while the market is softening in some areas, demand remains strong for properties that check all the right boxes.
On a personal note, for the first time in my career, I find myself representing more sellers than buyers in the local market. Interestingly, many of my sellers are relocating out of the area rather than purchasing new homes here. This trend aligns with what I’m seeing broadly—more homeowners are deciding to list, but not necessarily reinvest in the same market.
What does this mean for you? If you’re thinking of selling, strategy is key. Pricing correctly, staging effectively, and understanding buyer demand will be more important than ever. And if you’re a buyer, this might be the window of opportunity you’ve been waiting for.
As always, I’m here to help you navigate these changes. Whether you’re buying, selling, or just keeping an eye on the market, let’s connect and discuss what this shift means for you!
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- What’s the prediction for spring housing demand? Listen Now >>
- Fed likely to hold rates steady next week. Read Now >>
- HUD secretary vows to fight cumbersome regulations. Read Now >>
Market Recap
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Job openings on the Job Openings and Labor Turnover Survey (JOLTS) from January came in above expectations at 7,740,000.
- Mortgage application submissions jumped 11.2% during the week ending March 7. Refinance application submissions increased 16% while purchase application submissions increased 7%.
- Inflation on February’s consumer price index (CPI) was cooler than expected, coming in at 3.1% annually and 0.2% month-over-month. Core inflation was below expectations as well.
- Continuing jobless claims were at 1,870,000 during the week ending 3/1, which was a 27,000 decrease from the week before. Initial jobless claims were at 220,000 during the week ending 3/8, which was a 2,000 decrease from the week before.
Review of Last Week
BEST DAY SINCE NOVEMBER… Friday, stocks had their best day since the election, but ended the week down after concerns about a government shutdown, trade wars, and economic growth hammered equities earlier in the week.
But shutdown fears abated after the Democrat's senate leader said he would vote to keep the government funded, and trade tensions eased after a productive meeting between Ontario Premier Ford and Secretary of Commerce Lutnick.
Plus, the economy appears to be improving, with CPI inflation down to 2.8%, mortgage applications up for another week, initial jobless claims very low, and small business optimism very high.
The week ended with the Dow down 3.1%, to 41,488; the S&P 500 down 2.3%, to 5,639; and the Nasdaq down 2.4%, to 17,754.
Bonds overall were little changed for the week, the 30-Year UMBS 5.5% down just 0.12, to 99.20. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate “remained essentially flat from last week.” Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… In 2024, the number of new homes built exceeded the number of new households for the first time in eight years—and the number of completed homes was the highest in nearly two decades.
Market Forecast
HOME SALES, HOME BUILDING, RETAIL SALES, THE FED… February's Existing Home Sales report should show a small monthly dip. But more new homes are on the way, thanks to a bump in February Housing Starts. The economy is expected to start looking better, with a nice gain in Retail Sales for February. Economists predict the Fed's FOMC Rate Decision will be another hold.
Summary
The Mortgage Bankers Association reports purchase mortgage applications rose again, up 8% on the week. They added: “As we enter the spring homebuying season, the purchase index was more than 4% higher than a year ago.”
Nationally, home prices are stabilizing. Realtor.com notes that last week was “the 41st consecutive week that the national median home list price has either remained steady or declined compared to the same week last year.”
They also say the best time to sell is the week of April 13, with higher home prices and buyer demand,” and lower competition from other sellers. Zillow claims sellers get the best returns if they list in the second two weeks of May.
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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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