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 Terranova West. 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 Terranova West?
We currently have 4 homes pending, with 3 homes sold in the last two weeks, averaging a sale price of $129 a square foot. Three 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 $370,667. 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 Terranova West.
Insight From Jo
The Houston housing market is definitely showing signs of shifting as we head deeper into spring 2025. Lately, we’re seeing more inventory hit the market and homes are taking a little longer to sell, which tells me we’re moving toward a more balanced market — and honestly, that’s a good thing for everyone.
In March, single-family home sales across Greater Houston were actually up 2.6% compared to this time last year, with 8,753 homes sold. The average home price also nudged up by 3.7%, now sitting around $427,221. But what’s interesting is the months of inventory — it’s grown from 3.4 months last year to 4.6 months now. Homes are also sitting a little longer, with average days on market creeping up from 55 to 62. So while homes are still selling, buyers are starting to get a little breathing room.
In the suburbs, places like Spring are still moving at a healthy pace. The months supply of inventory there is about 3.58, and homes are selling pretty quickly — median days on market is just 29 — with sellers getting about 98% of their asking price.
On the rental side, things are steady. Median rent is around $2,000 and average rent is about $2,178, just a 1% increase. But rentals are also sitting longer — up to about 45 days on market — probably because renters are being more cautious, or maybe because there’s just more options out there right now.
Looking Ahead
If the trends continue, I think we’ll keep moving toward a more balanced market through the rest of 2025. Rising inventory and slower price growth are good news for buyers — they’ll have more choices and a little more negotiation power. For sellers, it just means being smart about pricing and presentation. Interest rates and the overall economy are still wild cards, so that’s something we’ll be keeping a close eye on.
Here For You
At the end of the day, whether you’re buying, selling, or renting, my goal is to be your resource, not just your realtor. I’m here to help you navigate the shifts, find the perfect home, the perfect neighborhood, and the perfect fit for your life. If you’re thinking about making a move this year (or even just have questions about what’s happening), I’m always just a call, text, or email away. Let's make your next step a smart one — together.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Expert gives read on the housing market. Watch Now >>
- Why existing sales are falling short. Read Now >>
- What will home sales look like during a recession? Listen Now >>
Market Recap
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Mortgage application submissions decreased a total of 12.7% during the week ending 4/18. The Refinance Index decreased 20%. The seasonally adjusted Purchase Index decreased 7%.
- New home sales increased 7.4% in March, which was higher than expected.
- Continuing jobless claims were at 1,841,000 during the week ending 4/12, which was a decrease of 37,000 from the week before. Initial jobless claims were at 222,000 during the week ending 4/19, which was an increase of 6,000.
- Existing home sales slipped 5.9% in March, which was nearly double the expected decrease.
Review of Last Week
RELIEF RALLY… With the President saying he has “no intention of firing” Fed Chair Powell and indicating he won't play hardball with China, traders breathed a sigh of relief and sent the three major stock indexes to big weekly gains.
Leading Indicators were off for March, same as the Existing Home Sales covered above. But New Home Sales surprised to the upside, and Durable Goods Orders showed a pickup in business spending in March.
Initial jobless claims continue to run nowhere near recession levels, and the corporate earnings season is off to a solid start, as 75% of reporting companies came in with earnings above estimates.
The week ended with the Dow UP 2.5%, to 40,114; the S&P 500 UP 4.6%, to 5,525; and the Nasdaq UP 6.7%, to 17,383.
Bonds edged ahead overall, the 30-Year UMBS 5.5% UP 0.06, to 99.07. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate decreased, staying well below its year-ago level. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A national online database reports 44.4% of January-March home sales included seller concessions, such as money for repairs, closing costs, or mortgage rate buydowns. That figure was 39.9% a year ago.
Market Forecast
PENDING HOME SALES, HOME PRICES, CONSTRUCTION SPENDING, INFLATION, JOBS… The Pending Home Sales measure of signed contracts on existing homes is forecast to edge down in March. Home price growth is expected to keep moderating according to the February S&P Case-Shiller Home Price Index. Analysts predict another uptick in Construction Spending for March and we'll check the residential part. They also see inflation waning by March PCE Prices, the Fed's favorite measure, and the labor market still healthy, with an increase in April Nonfarm Payrolls and the Unemployment Rate holding at 4.2%.
Summary
Sales of new single-family homes unexpectedly shot up 7.4% in March and are now up 6.0% from a year ago. Good news for buyers, the median sales price is down 7.5% the past year and 12.3% below its October 2022 peak.
Existing home sales fell 5.9% in March, down 2.4% from a year ago. But sales of homes at $500,000 and above are up the past year, while sales of homes below that are flat or falling. Annual home price growth came in at 2.7%.
Zillow reports inventory is steadily rising, tracking closely to normal seasonal trends. In March, sellers put more than 375,000 homes on the market, up 19% from a year ago, pushing inventory to the highest level since 2020.
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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