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 1 home sold in the last two weeks, averaging a sale price of $108 a square foot. One home sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 4 sold, but the average sales price per square foot is up to $108 ($97 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 Terranova West.
Insight From Jo
Hello again, friends!
I hope your week is off to a great start. I wanted to pull back the curtain and share what I am seeing right now in the greater Houston real estate landscape — the good, the steady, and what is shifting. Whether you are thinking of buying, selling, or just keeping an eye on things, awareness is power.
What is trending this week (and what it means)
Inventory is holding at more comfortable levels.
We are not in the days of wild price jumps or frantic bidding wars everywhere. There is a little more breathing room. For buyers, that means more time to look and make decisions without feeling pushed into a corner. For sellers, it means preparation and presentation matter more than ever.
Some softening in value in select segments, but not everywhere.
Across Greater Houston, average home values are still showing modest declines in some areas (for example, the average value in Houston is about $262K, down roughly 3.2% year over year).
That said, homes in top condition and in desirable neighborhoods are still getting strong interest and holding value. The “softening” is mostly showing up in homes that need updates or are in less sought-after locations.
Mortgage rates remain in the mid 6% range.
They have eased from previous peaks but are not dropping overnight. For buyers, that means budgeting and readiness are still key. For sellers, understanding that buyers are payment-conscious helps set realistic expectations.
The fall season rhythm is in full swing. 
This time of year usually brings more measured activity. You will see fewer bidding wars, more price reductions, and buyers who are serious rather than just browsing. Homes are taking a bit longer to sell, and more listings are seeing adjustments.
If you are thinking about a move, this “slower but steady” environment can work in your favor.
What this means for buyers
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If you have been waiting for a better moment, this might be it. There is less pressure, more choice, and a better chance to negotiate.
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The best homes in great condition and locations still draw competition. Being pre-approved, ready to move, and clear on your must-haves versus nice-to-haves will put you ahead.
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Do not overlook homes that need a little love. Some of the discount is built in if you are willing to update and budget for improvements.
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With rates still elevated, focus on your monthly payment comfort zone. The “perfect” house is not perfect if the payment keeps you up at night.
What this means for sellers
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Presentation and pricing are top priority. In a more balanced market, homes that feel fresh, clean, and move-in ready attract more attention.
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If your home is in a strong location and in good condition, you can still secure a great outcome. If it needs work, you may face more competition or need to price more strategically.
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Now is a smart time to prep: declutter, refresh key spaces like the kitchen and bathrooms, get professional photos, and highlight what truly sets your home apart.
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Timing still matters. Fall often brings serious buyers who want to move before the end of the year. Listing once you and your home are ready can position you well.
My two cents
Here is how I would describe this week’s market: we are in a sweet spot between a seller-dominated frenzy and a fully buyer-controlled market. The panic and speed of the last few years have faded. What is left is opportunity for thoughtful buyers and prepared sellers.
If you are a buyer, this week is your nudge to shift from watching to taking action with the right guidance.
If you are a seller, this week is your reminder that condition, location, and pricing will shape your success more than ever.
This market is about strategy over speed. The clients I see winning are the ones who know what they want, lean on a trusted adviser (that is where I come in), and are ready to act when the right opportunity appears.
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Redfin’s CEO reports a boost to home prices connected to delistings. Watch Now >>
- Housing demand firms up before Thanksgiving. Listen Now >>
- Due to improving affordability conditions this fall, more home buyers are going under contract. Read Now >>
Market Recap
- Retail sales trickled down 0.2% month-over-month in September, which was below expectations.
- The FHFA house price index showed that house prices cooled by 0.0% month-over-month in September. Prices are still 1.7% higher from September of last year.
- The seasonally adjusted 20-city Case-Shiller home price index maintained its level in September, remaining at 0.1% month-over-month.
- Pending home sales increased by 1.9% in October, which exceeded expectations.
- The Mortgage application submissions increased by 0.2% during the week ending 11/21. The Refinance Index decreased 6% from the previous week and was 117% higher than the same week a year ago. The seasonally adjusted Purchase Index increased 8% from one week earlier.
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Continuing jobless claims were at a level of 1,960,000 during the week ending 11/15, an increase of 7,000 from the week before. Initial jobless claims were at a level of 216,000 during the week ending 11/22, a decrease of 6,000 from the week before.
Review of Last Week
THANKFUL… A Thanksgiving-shortened week gave Wall Street traders much to be grateful for, as the three major stock indexes posted strong gains, fueled by elevated expectations of a Fed rate cut at the upcoming meeting.
The recently renewed rate cut hopes were driven primarily by remarks from Fed Governors and regional Fed Presidents indicating support for a December reduction—but not because of fears of a recession.
In fact, initial jobless claims fell to their lowest reading since April, well below levels that signal a recession. Plus, Retail Sales were up in September and Durable Goods Orders showed business spending is clearly not slowing.
The week ended with the Dow UP 3.2%, to 47,716; the S&P 500 UP 3.7%, to 6,849 and the Nasdaq UP 4.9%, to 23,366.
Bonds also moved up nicely overall, the 30-Year UMBS 5.0% UP 18 basis points, to 99.27. The national average 30-year fixed mortgage rate fell 3 basis points from the week before in Freddie Mac’s Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… For 2026, conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac will increase to $832,750 in most markets and $1,249,125 in high-cost areas.
Market Forecast
CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, INFLATION… For September, Construction Spending is expected to hold steady overall, and we'll keep an eye on the residential numbers. Economists forecast the November ISM Manufacturing Index will increase, but still indicate contraction, while the ISM Services Index will show that dominant sector of the economy expanding. Inflation should continue at a moderate pace as measured by September PCE Prices, the Fed's favorite read.
Summary
The National Association of Realtors reported the October Pending Home Sales index of signed contracts on existing homes rose almost 2% for the month, indicating a more buyer-friendly real estate market.
Home prices continued to rise at less than the rate of inflation in September. Case-Shiller national home prices were up just 1.3%, after a 1.4% gain in August, and the FHFA index of home prices rose just 0.2% in Q3.
The Mortgage Bankers Association reports homebuyer affordability improved in October for the fifth straight month, as the national median monthly mortgage payment decreased across multiple demographics.
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.
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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?!
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