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 2 homes sold in the last two weeks, averaging a sale price of $146 a square foot. Two homes sold over the asking price.
Compared to the two weeks prior: Homes sold are slightly down from 5 sold, but the average sales price per square foot is up to $146 ($139 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
A Shift is Coming
Over the last two weeks, we’ve seen a rapid increase in housing inventory across the Houston area, signaling that a market shift may be on the horizon. While buyer activity has also picked up, the surge in new listings far outweighs the number of active buyers. This imbalance suggests that we could be entering a more buyer-friendly market, or at the very least, a period of longer days on market for many sellers.
That being said, homes that are well-priced and in desirable areas are still moving quickly. Just this past week, I had clients inquire about two homes—only for them to go under contract the very next day. This tells me that while the market is softening in some areas, demand remains strong for properties that check all the right boxes.
On a personal note, for the first time in my career, I find myself representing more sellers than buyers in the local market. Interestingly, many of my sellers are relocating out of the area rather than purchasing new homes here. This trend aligns with what I’m seeing broadly—more homeowners are deciding to list, but not necessarily reinvest in the same market.
What does this mean for you? If you’re thinking of selling, strategy is key. Pricing correctly, staging effectively, and understanding buyer demand will be more important than ever. And if you’re a buyer, this might be the window of opportunity you’ve been waiting for.
As always, I’m here to help you navigate these changes. Whether you’re buying, selling, or just keeping an eye on the market, let’s connect and discuss what this shift means for you!
What is happening in the real estate market nationally?
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Takeaways from the Fed meeting.Listen Now >>
- February home resales jump more than expected. Read Now >>
- Prospective buyers are hoping for a recession. Does it make sense? Read Now >>
Market Recap
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Retail sales inched up 0.2% month-over-month in February. This was much lower than the expected 0.6% gain.
- The NAHB housing marketing index was at 39 in March, a 3-point drop from the month before.
- Building permits fell 1.2% in February but were still higher than expected at 1,456,000. Housing starts surged 11.2% to reach a level of 1,501,000.
- Mortgage application submissions decreased 6.2% during the week ending 3/14. While refinance application submissions decreased 13%, seasonally adjusted purchase applications increased just 0.1%.
- The Federal Open Market Committee (FOMC) voted to leave interest rates unchanged in their most recent meeting.
- Continuing jobless claims were at a level of 1,892,000 during the week ending 3/8, an increase of 33,000 from the week before. Initial jobless claims were at 223,000 during the week ending 3/15, an increase of 2,000 from the week before.
- Existing home sales were at 4.26M in February, a 4.2% increase from the month before.
Review of Last Week
MARCH GLADNESS… Stocks grabbed a big rebound, with the three major indexes posting weekly gains, as traders scooped up bargains and started feeling better about economic prospects overall.
The Fed held rates steady, lowered its growth forecast, and raised its inflation projection, but implied there would be two rate cuts this year, which was music to their ears on Wall Street.
Plus, rising for the third straight month, Industrial Production hit an all-time high, Retail Sales rebounded in February, and the Leading Economic Index (LEI) stayed on its upward trend, indicating no imminent recession.
The week ended with the Dow UP 1.2%, to 41,985; the S&P 500 UP 0.5%, to 5,668; and the Nasdaq UP 0.2%, to 17,784.
Bonds also saw nice gains overall for the week, the 30-Year UMBS 5.5% UP 0.09, to 99.29. There was little weekly movement in the national average 30-year fixed mortgage rate 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… The homeownership rate rose to 65.24% in 2023, up 0.06% over 2022, and 1.7% higher than 10 years earlier—even though home prices rose more than 40% during that decade.
Market Forecast
NEW AND PENDING HOME SALES, HOME PRICES, INFLATION… It should be a good week for housing data. Analyst expect a gain in New Home Sales for February, as well as a rebound for the Pending Home Sales index of signed contracts on existing homes. Price gains are forecast to remain moderate as tracked by the January S&P Case-Shiller Home Price Index. Economists also predict continued moderation in inflation for February as scored by the Fed's favorite PCE Prices measure.
Summary
Sales of existing homes bumped up 4.2% in February, while inventory grew 5.1% over the prior month. The National Association of Realtors explained, “more inventory and choices are releasing pent-up housing demand.”
The inventory of new homes will also be increasing. In February, builders started construction on 11.2% more homes than January. Plus, completions of single-family homes are 7.1% ahead of where they were a month ago.
Zillow projects rents will grow a lot more than home prices this year. With more supply, home prices should go up only 0.6%. But Zillow expects a 2.5% rise for multifamily rents and a 3.6% bump in rents for single-families.
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/
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
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• Email us! [email protected].
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