Medical Center Area Market Update – January 2011

Norhill Realty February 2, 2011

Below you will find the most recent data on home sales and prices for the neighborhoods near the Texas Medical Center in Houston, Texas, including Boulevard Oaks, Braeswood, Southampton, Chevy Chase, Southgate, Vassar Place, University Place, and Hermann Lake. If you are interested in receiving monthly Houston and Texas Medical Center area news updates, then sign up for our RSS feed to receive instant updates.  Or email us at [email protected].

Homes Sold

22 homes sold in the month of January, 9 detached single family homes and 13 townhomes/condos.  Only 16 homes sold last January, so this is a 34% increase.  The luxury home market in Houston has continued to improve since the beginning of the downturn in late 2008.

Active Listings

There are 306 properties currently on the market, 112 detached homes and 194 townhomes/condos.  In January, 90 of the 306 listings are new listings and 44 of the sellers have reduced their price.

Home Prices

The median home price in the Medical Center over the past 12 months is $314,250, up 26% from the same period last year.  Detached homes’ saw the biggest increase from January 2010 to January 2011.  During that period, median home prices for detached homes rose 6% to $574,000.HermannPark.DSC_0262

The residential area around the Texas Medical Center is one of the most culturally vibrant and one of the most beautiful in the whole city of Houston.  This area includes such cultural centers as the Houston Museum District, Rice University, the Houston Zoo, and Miller Outdoor Theater.  Much of the area is within walking distance of Rice Village, an outdoor shopping district, that includes many of Houston’s great restaurants, bars, and boutiques.  The area around the Texas Medical Center is also one of the greenest areas of Houston.  The Medical Center is within walking distance of Houston’s 445 acre Hermann Park, one of the most visited parks in the city.

The Medical Center is home to some of the most desirable neighborhoods in the city of Houston, such as Boulevard Oaks, Braeswood, Southampton, Chevy Chase, Southgate, Vassar Place, University Place, and Hermann Lake.  If you are relocating to the Texas Medical Center or are simply interested in homes in the area, please feel free to give Norhill Realty a call at 713-869-5700.  Or email us at [email protected].

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