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 77070. 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 77070?
We currently have 2 homes pending, with 1 home sold in the last two weeks, averaging a sale price of $162 a square foot. One home sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 2 sold, but the average sales price is up to $630,000 ($547,250 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 (modern) homes are going (must not be overpriced), 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 77070.
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
- Multifamily construction rose annually while single-family construction slid. Watch Now >>
- President of Altos Research talks about the affordability crisis. Listen Now >>
- Inventory is rising, but not by enough. Read Now >>
Market Recap
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The consumer price index (CPI) climbed 0.2% month-over-month in April and 2.3% annually, both of which were slightly below expectations.
- Mortgage application submissions increased 1.1% during the week ending 5/9. The Refinance Index decreased 0.4% while the Purchase Index increased 2%.
- Continuing jobless claims were at a level of 1,881,000 during the week ending 5/3, which was an increase of 9,000 from the week before. Initial jobless claims were at a level of 229,000 during the week ending 5/10, which was unchanged from the week before.
- Retail sales increased 0.1% month-over-month in April, which was higher than expected, however, core retail sales, which strip food an energy costs, came in below expectations.
- The National Association of Home Builders (NAHB) housing market sentiment index slipped to a level of 34 in May, which is the lowest level of confidence since November 2023. All three components on the index decreased: Single Family Sales, Present; Single Family Sales, Next 6 Months; and Traffic of Prospective Buyers.
Review of Last Week
TARIFFS DOWN, STOCKS UP… After the U.S. and China agreed to reduce tariffs for 90 days while they worked out a long-term deal, the S&P 500 and the Dow exploded, wiping out the year’s losses, while the Nasdaq gained over 7%.
Wall Street fears tariff wars will boost inflation and slow the economy, but the week’s data revealed those fears so far are unfounded. The latest CPI pegged inflation since the April 2nd tariffs at 2.3%, the lowest level in four years.
Grocery store prices dropped the most since 2020, including the biggest drop in egg prices since 1984, while wholesale prices fell for the month. As for economic growth, post-tariff April Retail Sales rose to an all-time high.
The week ended with the Dow UP 3.4%, to 42,655; the S&P 500 UP 5.3%, to 5,958; and the Nasdaq UP 7.2%, to 19,211.
Bond prices dipped overall, the 30-Year UMBS 5.5% dropping 0.74, to 98.30. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate rose slightly but stayed 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… Optimal Blue reports rate locks on purchase mortgages were up 7.5% month-over month in April, while both the average purchase price and the average loan amount fell from the month before.
Market Forecast
NEW AND EXISTING HOME SALES, MORTGAGE APPLICATIONS, JOBLESS CLAIMS… Analysts expect Existing Home Sales to pick up for April, but New Home Sales to dip. We'll keep following the MBA Mortgage Applications Index to look for continued gains in buyer activity. Economists predict Initial Jobless Claims will stay well below recession levels.
Summary
The Mortgage Bankers Association reports homebuyers came out in strength for the second week in a row, pushing purchase mortgage applications up for the week, to a level 18% higher than a year ago.
Buyers are taking advantage of more choices—with the number of homes for sale at the highest level since December 2019—more time to choose—with homes on the market longer—and the median price the same as last year.
After dropping in March, Housing Starts rebounded a bit in April, all due to multi-unit projects. Single-family starts and Building Permits both declined, as builders focused on completions, which have been running strong since last year.
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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