Medical Center Area Market Update – March 2011

Norhill Realty April 6, 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

30 homes sold in the month of March, 14 detached single family homes and 16 townhomes/condos.   Although detached home sales are slightly up from March of 2010, townhomes/condos have fallen by 43%.  Last year’s townhome and condo number were not doubt inflated somewhat due to the First-time home buyer tax credit that expired in May of 2010.

Active Listings

There are 344 properties currently on the market, 131 detached homes and 213 townhomes/condos.  In March, 97 of the 344 listings are new listings and 59 sellers have reduced their price.

Home Prices

The median home price in the Medical Center over the past 12 months is $325,000, up 24% from the same period last year.  Detached homes’ saw the biggest increase from March 2010 to March 2011.  During that period, median home prices for detached homes rose 10% to $592,500.

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.

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