Home Business Real Estate Market Update – September 2023 | Real Estate

Real Estate Market Update – September 2023 | Real Estate

by Kianna Warburton

The Greater Heights Real Estate Market: A Seller’s Haven

The Greater Heights Real Estate Market in Houston is a vibrant and diverse tapestry, reflecting the unique characteristics of its residents. With the Houston Association of Realtors (HAR) diligently monitoring statistics and trends in this cherished neighborhood, it’s important to delve into the latest insights to understand the dynamics at play.

One significant trend in the Greater Heights area is the dominance of the seller’s market. Over the past year, there has been a shortage of available homes, combined with a steady influx of over 250 new residents daily. This has created a situation where there are more eager buyers than homes available. Currently, there are 1,046 single-family homes listed for sale within the six zip codes that encompass The Leader’s coverage area. Zip code 77091 tops the list with 232 active listings, closely followed by 77009 with 231.

The median list price for homes in the Greater Heights area stands at $816,617.00, based on current listings on the Multiple Listing Service (MLS). The majority of homes on the market in this area are three-bedroom homes with an average living space of 2,418 square feet. These statistics provide an overview of the price range and size of homes that are currently in demand.

Another interesting aspect of the market is the steady average days on market (DOM). Comparing September 2022 to September 2023, there has been little change, with both months showing a DOM of 25 and 24 days, respectively. What is particularly noteworthy is that a significant 77% of homes in the Greater Heights area sold within 30 days last month, underlining the urgency and competitiveness of the current market.

The latest data from HAR reveals that in September, 259 single-family homes were sold in the Greater Heights area, with an additional 339 homes currently in the Option Period. Zip code 77008 recorded the highest number of homes sold with 66, followed closely by 77018 with 56 homes sold and 77007 with 45 homes sold. Interestingly, 50% of homes were sold below their initial asking price, indicating the active negotiations and flexibility in pricing within the market.

In conclusion, the Greater Heights real estate market is undeniably a seller’s haven. With swift sales and heightened demand for homes, the neighborhood remains an attractive destination for both buyers and sellers. As we move forward, it will be fascinating to observe how this dynamic market continues to evolve in response to shifting trends and demographics.

Disclaimer: Lisa Morales is a licensed real estate agent with Berkshire Hathaway Home Services Premier Properties and operates her professional business from her office on Heights Blvd.

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