Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of Memorial Northwest. 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 Memorial Northwest?
We currently have 8 homes pending, with 6 homes sold in the last two weeks, averaging a sale price of $121 a square foot. Six homes sold over the asking price, with one home selling 4% above the listing price.
Compared to the two weeks prior: The number of homes sold is still the same. The average sales price in the neighborhood is $406,650. 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.
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 Memorial Northwest.
Insight From Jo
This month, purchase mortgage applications are up 24% compared to the same time last year — marking the strongest level we've seen in the past 15 months. 🎉 This is great news for sellers, especially with inventory levels on the rise. More buyer activity means more eyes on listings, and potentially more offers.
But this season isn’t just shaping up well for sellers — it’s looking promising for buyers too. While interest rates haven’t dropped dramatically, there’s growing optimism that we’ll see more favorable rate adjustments as we head into summer. If that happens, it could create a healthy, balanced market for everyone.
In the meantime, I’m continuing to recommend new construction opportunities to my clients who are ready to make a move now. Many builders are still offering attractive incentives, including below-market interest rates, closing cost assistance, and quick move-in options — making it a smart path for buyers who don’t want to wait.
Whether you're thinking about buying or selling, I’m here to help you navigate your next step with confidence.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- More buyers jumping into adjustable-rate mortgages as rates climb. Read Now >>
- How tariff policies could impact your market. Read Now >>
- HousingWire Lead Analyst talks mortgage rates amid market disruption. Listen Now >>
Market Recap
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Mortgage application submissions decreased a total of 8.5% during the week ending 4/11/25. Refinance application submissions decreased 12% from the week before while purchase application submissions slipped 5%.
- Retail sales increased 1.4% month-over-month in March, which was much higher than the month before. Annual retail sale production was up from the previous month as well.
- Builder confidence in the market for newly built single-family homes was at 40 on the NAHB index in April. This was higher than expected and higher than the previous month by one point. Current sales conditions rose two points to reach 45. Traffic of prospective buyers increased one point to reach 25. Sales expectations for the next six months fell four points down to 43. The survey also revealed that 29% of builders cut prices in April, which was unchanged from the month before. The use of sales incentives, however, was up to 61%.
- Continuing jobless claims were at 1,885,000 during the week ending 4/5, which was an increase of 41,000 from the week before. Initial jobless claims were at 215,000 during the week ending 4/12, which was a decrease of 9,000 from the week before.
- Building permits had an initial reading of 1,482,000 in March, which was up 1.6% from the month before. Housing starts slipped 11.4% from the month before.
Review of Last Week
A POWELL PLUMMET… In a speech Wednesday, Fed chair Jerome Powell said tariffs could cause “higher inflation and slower growth.” Stocks crumbled and, even after crawling back a bit on Thursday, ended down for the week.
Traders (and most of the media) ignored Powell's comments that “the U.S. economy is still in a solid position,” and “longer-term inflation expectations, for the most part, appear to remain well anchored.”
Folks also ignored March increases in manufacturing and mining output and a 1.4% bump in Retail Sales. Some put that to buyers beating tariff price hikes, as they overlooked the robust 1.8% sales gain at restaurants and bars.
The week ended with the Dow down 2.7%, to 39,142; the S&P 500 down 1.5%, to 5,283; and the Nasdaq down 2.6%, to 16,286.
Bonds headed in the opposite direction, the 30-Year UMBS 5.5% UP 0.84, to 99.01. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate ticked up but remained well below its level a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… The National Association of Realtors found that 81% of agents say staging improves buyer visualization, 89% noted it has a positive impact on the sale, and that staged homes generate more interest, sell faster, and tend to get stronger offers.
Market Forecast
NEW AND EXISTING HOME SALES, JOBLESS CLAIMS… Analysts expect an increase in New Home Sales in March over February, as builders add to the pipeline. Sellers are also listing more homes, yet Existing Home Sales numbers are still forecast to be off slightly for March. Weekly Initial Unemployment Claims, an accepted measure of the health of the labor market, are predicted to remain well below levels that indicate a recession is in the offing.
Summary
Realtor.com reports 70% of potential sellers think it’s a good time to sell. 81% expect to get their asking price or more, 75% think they’ll sell in the average time or less, and 63% don’t expect to make significant concessions.
Housing Starts contracted in March the most in a year, as builders focused on completing projects. The monthly annual pace of home completions was at a faster rate than all but two months from 2020 to 2023.
Looking to the future, Building Permits in March increased over February, just a smidge below where they were last year. In addition, builder confidence edged up a point in April, and 61% of builders used sales incentives.
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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• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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