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 14 homes sold in the last two weeks, averaging a sale price of $291 a square foot. Fourteen homes sold over the asking price, with one home selling 1% above the listing price.
Compared to the two weeks prior: Homes sold are up from 11 homes sold to 14 homes sold. 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.
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
Hi friends. We have seen lots of new inventory hit the market this week. But even with the increase in inventory, I am still seeing certain homes receive multiple offers. My best advice for sellers right now is to only list your home in a move-in-ready condition if you don’t want it to sit, and you want to receive the highest potential offer. But what does this shift mean for buyers? Builders are still offering great incentives and interest rate buy downs. And there is a lot of stale listings so, many sellers are ready to make a deal, if their home has been sitting.
Market Overview
• Inventory Levels: The housing inventory has increased, with a 7.41 months supply, up from 3.16 months the previous year. This rise indicates a shift towards a more balanced market, offering buyers more options.
• Days on Market: Homes are spending a median of 21 days on the market, slightly longer than the previous year, suggesting a moderate pace in sales activity. 
Suburban Highlights
Montgomery County
Montgomery County is experiencing a residential development surge, with county commissioners approving plats for 20 new or expanded communities. Notable developments include:
• Lake Conroe Cove: 77 single-family homes in Willis.
• Sweetwater Ridge: 198 homes with amenities like a splash pad and dog parks.
• Heron Run in Audubon: A significant expansion aiming for 1,424 homes.
These projects cater to various markets, with home prices ranging from under $200,000 to over $300,000.
Galveston
Galveston has become the region’s largest buyer’s market, driven by a significant influx of homes—many formerly used as vacation rentals—hitting the market. The number of homes for sale has surged 42% in the past year, reaching about 1,000. With nearly 17 months of housing supply, the market is saturated, offering buyers increased negotiating power.
Fort Bend County
Fort Bend County is witnessing substantial residential developments to meet growing housing demand:
• Austin Point: A 4,700-acre community in Richmond.
• Brookewater: An 850-acre development in Rosenberg aiming for 2,500 homes.
• Indigo: A 235-acre project in Richmond featuring about 800 homes centered around a large farm.
These developments are expected to bring thousands of new homes to the area, addressing the increasing demand for housing. 
Emerging Suburban Markets
Several suburbs are gaining attention due to affordability and growth potential:
• Brookshire and Waller: Leading in home sales growth, attracting buyers seeking affordability.
• Willis: Benefiting from job growth and relocation trends, emerging as a hotspot for new residents.
• Manvel and Iowa Colony: Experiencing a surge in new construction and improved connectivity, making them attractive options for buyers. 
Outlook
The Houston suburban real estate market is showing signs of stabilization, with increased inventory offering more choices for buyers. While some areas like Galveston present buyer-friendly conditions, others continue to experience growth and development to meet housing demand.
For sellers, understanding local market dynamics is crucial to position properties competitively. Buyers should take advantage of the increased inventory and explore emerging suburbs that offer affordability and growth potential.
If you need more detailed information on specific neighborhoods or assistance with buying or selling in the Houston suburbs, feel free to ask!
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- How will the Fed face market movement from tariffs going forward? Listen Now >>
- Renters are staying put due to economic concerns. Watch Now >>
- Home prices are still rising in most markets. Read Now >>
Market Recap
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Mortgage application submissions surged 11% during the week ending 5/2. Both refinance and purchase application submissions jumped 11%.
- The Federal Open Market Committee (FOMC) opted to leave the benchmark interest rate unchanged at this month’s meeting.
- Continuing jobless claims were at a level of 1,879,000 during the week ending 4/26, a decrease of roughly 30,000 from the week before. Initial jobless claims were at a level of 228,000 during the week ending 5/3, a decrease of 13,000 from the week before.
Review of Last Week
TRADE WINDS… The atmosphere got stormy for a while on Wall Street, then trade winds blew fair—thanks to a tariff deal with the U.K. and the weekend start to talks with China—so stocks ended off just a bit for the week.
Downward pressure on equities came when the March trade deficit hit a new record, as imports surged to beat tariffs. Also, thanks to weak productivity, Q1 unit labor costs jumped, although that didn’t hurt Q1 corporate profits.
But the ISM Services read showed growth accelerated in the services sector in April—and that accounts for about 72% of the economy. Plus, initial jobless claims dropped, remaining far below recession-like levels.
The week ended with the Dow down 0.2%, to 41,249; the S&P 500 down 0.5%, to 5,660; and the Nasdaq down 0.3%, to 17,929.
Bond prices overall were also down slightly, the 30-Year UMBS 5.5% slipping 0.11, to 99.04. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate unchanged 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… First American Data & Analytics reported the rate of home price growth in March hit a 13-year low, up just 1.8%, noting “household income growth is now outpacing house price appreciation,” increasing affordability.
Market Forecast
HOME BUILDING, RETAIL SALES, INFLATION… The forecasts are for Housing Starts to move up in April but for Building Permits to slow a tiny bit. April Retail Sales should continue to increase, as the economy remains in growth mode. After dipping in March, the Consumer Price Index (CPI) is expected to report inflation inched up a tad in April.
Summary
The Mortgage Bankers Association reported purchase mortgage applications rose for the week, up 11% overall, and up 13% for conventional mortgages—“a surprisingly strong move” for people who are “more apt to be move-up buyers.”
Realtor.com says the spring housing market is “in full bloom.” Last week, the number of homes for sale hit its highest level since 2019, with new listings the highest since mid-2022, and seller price reductions ahead of last year.
ATTOM data found the most active times of the year are ahead. From 2015 through 2024, June saw more than 4.7 million home sales—the most for any month—followed by August (over 4.6 million) and July (over 4.5 million).
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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