How Houston Neighorboods’ Housing Market Reacted To Hurricane Harvey

Which Houston Neighborhoods Are Still Selling Homes Well Post Harvey?Houston Housing Markets Least Affected By The Hurricane

One month after Harvey, see which close-in Houston neighborhoods are least affected by the Hurricane.

Market snapshots from September 2017 and September 2016 revealed several insights on how the Houston housing market is shaping up post Harvey.

Last month’s HAR MLS data of single family homes in the general Houston area showed us three key items:

  • New Listings: -9.2%.
    • September 2017 ended with just 8,816 new listings compared to last year’s 9,713 new listings.
  • Active Listings: +3.7%.
    • While the number of active properties for sale is up 3% from last year, month-over-month home inventory numbers have dropped.
  • Average List Price: +5.5%.
    • At $303,114, Houston single-family home prices are up by almost 6% compared to last year ($287,273).

Real Estate Trends Of Close-in Houston Neighborhoods Post Harvey

Immediately after Houston was hit by Hurricane Harvey, our team spent over 50 hours researching Houston condos and neighborhoods that did not flood.

Some neighborhoods and buildings performed very well (and others had catastrophic flooding and still have power and basic functionality issues one month later).

This time we reviewed the most recent real estate data to find out which of *Close-In Houston neighborhoods are performing well (and which are not) one month after Hurricane Harvey.

While we have not published the list of buildings and areas that flooded, below is another comprehensive data set our customers have found helpful.

 

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Which Houston Neighborhoods Are Selling Now?

To identify areas that continue to perform well after Harvey, look at the following data points:

  • Neighborhoods with similar inventory today compared to what they had pre-Hurricane Harvey.
  • Neighborhoods with the most amount of homes go under contract since Hurricane Harvey.

Methodology:

  • We looked at all close-in Houston neighborhoods who had more than 20 active listings as of Aug 23, 2017 (pre-Hurricane Harvey).*
  • We then compared the number of active listings as of Sep 25, 2017 (one month post Harvey).
  • We also pulled the number of homes which went under contract between Aug 24 – Sep 25th as compared to the total homes on the market.
  • See detailed methodology at the bottom of this article.

CAVEATS:

  • Some neighborhoods (like Spring Branch) are very large and have subdivisions that did well and did poorly.
  • This data doesn’t explain why areas (like Alief with a 48% drop in inventory) had so many homes come off the market. It is up to you / your Realtor to help interpret the data.

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If you have questions or want to see details on other neighborhoods, please email Paige Martin, top ranked Houston Realtor.

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Houston Neighborhoods: Housing Trends Post Hurricane Harvey

Geo Market % Active One Month Post Harvey % Newly Pending Since Harvey Homes Active As of Aug 23, 2017 Homes Active As of Sep 25, 2017 # Homes Under Contract Post Harvey
Garden Oaks 93% 15% 40 37 6
Washington East/Sabine 89% 4% 94 84 4
Rice/Museum District 89% 7% 281 251 20
Braeswood Place 89% 17% 93 83 16
River Oaks Area 89% 6% 108 96 7
Downtown – Houston 89% 9% 44 39 4
East End Revitalized 88% 5% 205 181 10
Northwest Houston 88% 7% 132 116 9
Briargrove 86% 2% 43 37 1
Memorial Park 85% 5% 41 35 2
Midtown – Houston 85% 10% 167 142 17
Winrock 85% 5% 20 17 1
Rice Military/Washington Corridor 85% 6% 379 322 23
Memorial Close In 82% 8% 71 58 6
Memorial Villages 82% 8% 207 169 17
Heights/Greater Heights 82% 9% 827 675 72
Greenway Plaza 81% 15% 27 22 4
Northside 81% 9% 159 129 15
Riverside 81% 9% 57 46 5
Oak Forest East Area 80% 16% 186 149 29
Bellaire Area 80% 7% 184 147 12
University Area 80% 5% 193 154 10
Cottage Grove 80% 7% 123 98 8
Royden Oaks/Afton Oaks 79% 9% 47 37 4
Medical Center Area 78% 9% 136 106 12
Spring Branch 78% 10% 679 529 65
Galleria 78% 9% 392 304 36
Montrose 77% 9% 297 229 28
Oak Forest West Area 77% 11% 91 70 10
Westchase Area 75% 4% 101 76 4
Timbergrove/Lazybrook 75% 7% 108 81 8
River Oaks Shopping Area 75% 3% 124 93 4
Upper Kirby 74% 11% 65 48 7
Tanglewood Area 73% 4% 194 142 8
Meyerland 72% 8% 196 141 16
Shepherd Park Plaza Area 72% 22% 32 23 7
Highland Village/Midlane 71% 6% 34 24 2
Briar Hollow 70% 12% 60 42 7
Charnwood/Briarbend 69% 12% 26 18 3
West University/Southside Area 69% 13% 172 118 22
Knollwood/Woodside Area 68% 8% 84 57 7
Briargrove Park/Walnutbend 67% 9% 128 86 11
Energy Corridor 61% 8% 438 265 34
Memorial West 59% 8% 452 265 38
Briarmeadow/Tanglewilde 57% 10% 61 35 6
Alief 52% 11% 54 28 6

Data & Methodology

  • *Close in Houston neighborhoods are defined as HAR geo market areas within MLS Areas: 4,9,16,17,22,23,24,31
  • Active properties are all properties for sale (single family, townhomes, lots, condos, or multi-family homes) above $150,000 within each geo market area.
  • We excluded any geo market area with less than 20 listings as of August 23, 2017.
  • “Newly Pending” properties are defined as any property that changed from Active Status to any of the following status between August 23, 2017 and September 25, 2017: Pending, Option Pending, Pending Continuing to Show.
  • All data from the Houston Association of Realtors, Multiple Listing Service.

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