Midtown Houston Market Update – May 2011

Norhill Realty June 10, 2011

Below you will find the most recent data on home sales and prices for the Midtown section of Houston, Texas.  If you are interested in receiving monthly Houston and Midtown real estate news updates, then sign up for our RSS feed to receive instant updates. For more information about Midtown and to view past market updates, click here.  Or email use at [email protected].12_m_MidtownSq_retail1

Homes Sold

20 homes sold in Midtown Houston in the month of May, 6 detached homes and 14 townhomes/condos.  This is down from last May, which saw 27 total sales.  The First-time home buyer credit has had a negative impact on the year-over-year number for the past 12 months.  May 2010 marked the expiration of that credit.

Active Listings

There are 170 properties currently on the market, 48 detached homes and 122 townhomes/condos.  In May, 40 new listings came on the market and 33 sellers reduced their price.

Home Prices

The median home price in Midtown over the past 12 months is $234,000. Overall, this is little changed from last year when the median sales price was $235,000.

Midtown Houston is one of Houston’s most walkable communities. Uniquely situated between Downtown Houston and The Texas Medical Center, two of the largest business districts in the state of Texas.  Midtown Houston is home to many recently constructed townhomes and high rise condominium options.  It contains some of Houston’s best known restaurants and bars and it is home to 3 stops along Houston’s only light rail line.  Midtown Houston exemplifies urban living in Houston.

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