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 HarveyHomes Active As of Aug 23, 2017Homes Active As of Sep 25, 2017# Homes Under Contract Post Harvey
Garden Oaks93%15%40376
Washington East/Sabine89%4%94844
Rice/Museum District89%7%28125120
Braeswood Place89%17%938316
River Oaks Area89%6%108967
Downtown – Houston89%9%44394
East End Revitalized88%5%20518110
Northwest Houston88%7%1321169
Briargrove86%2%43371
Memorial Park85%5%41352
Midtown – Houston85%10%16714217
Winrock85%5%20171
Rice Military/Washington Corridor85%6%37932223
Memorial Close In82%8%71586
Memorial Villages82%8%20716917
Heights/Greater Heights82%9%82767572
Greenway Plaza81%15%27224
Northside81%9%15912915
Riverside81%9%57465
Oak Forest East Area80%16%18614929
Bellaire Area80%7%18414712
University Area80%5%19315410
Cottage Grove80%7%123988
Royden Oaks/Afton Oaks79%9%47374
Medical Center Area78%9%13610612
Spring Branch78%10%67952965
Galleria78%9%39230436
Montrose77%9%29722928
Oak Forest West Area77%11%917010
Westchase Area75%4%101764
Timbergrove/Lazybrook75%7%108818
River Oaks Shopping Area75%3%124934
Upper Kirby74%11%65487
Tanglewood Area73%4%1941428
Meyerland72%8%19614116
Shepherd Park Plaza Area72%22%32237
Highland Village/Midlane71%6%34242
Briar Hollow70%12%60427
Charnwood/Briarbend69%12%26183
West University/Southside Area69%13%17211822
Knollwood/Woodside Area68%8%84577
Briargrove Park/Walnutbend67%9%1288611
Energy Corridor61%8%43826534
Memorial West59%8%45226538
Briarmeadow/Tanglewilde57%10%61356
Alief52%11%54286

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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“Paige Martin is the best Realtor. She is highly experienced and very knowledgeable. She made our buying experience an enjoyable one, not only for us, but for our daughter, son-in-law and several of our friends. We have bought and sold many houses, and Paige has been the best realtor we have ever worked with. We highly recommend her.

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