Oak Forest Market Update – April 2013

Norhill Realty May 9, 2013

Below you will find the most recent data on home sales and prices for the Oak Forest neighborhood of Houston, Texas. If you are interested in receiving monthly Houston and Oak Forest real estate news updates, then sign up for our RSS feed to receive instant updates. For more information about Oak Forest and to find new listings in Oak Forest, check out our Oak Forest information page. Or email us at [email protected].

Sales Activity

Things are happening in Oak Forest and they are happening quickly. There were 59 total transactions in the month of April, which is up over 15% from the April 2012. Of those homes sold, half were under contract in less than 7 days.  In April 2012, half of all homes sold were under contract in less than 47 days.

Active Listings

Currently, there are 77 homes active on the market.  That leaves us with less than 2 months of inventory currently available, which is very tight. Of the 74 listings that came available in April only 33 are left standing.  The rest are either under contract or sold. Again, things are moving quickly.

Home Prices

For the 12 month period ending in April, the average price for all homes in Oak Forest are up an astounding 7.47% to $274,790.  Newly constructed homes are up slightly higher than existing construction.  New homes are up 7.41% to $556,114, whereas the existing homes are up 5.36% to $228,519.  As has been well documented, Oak Forest is undergoing a dramatic change.  Much like Bellaire underwent in the 90s, older homes are being demolished to make way for newer luxury homes.  Most of this development has been driven by the emergence of Oak Forest Elementary as one of the top schools in the city.oak-forest-library

Located in the near Northwest side of Houston, the area of Oak Forest is positioned just outside Houston’s 610 Loop. This near town location provides great access to Houston’s two largest economic centers, Downtown Houston and Galleria/Uptown. The area has seen a significant level of new development in recent years.  Throughout the area whole streets have been transformed with newly built luxury homes. This development has been spurred primarily by the performance of Oak Forest elementary, which has become one of the premier elementary schools in the city.  For more information about Oak Forest, visit our Oak Forest neighborhood information page for the latest news and available listings.

TOP REAL ESTATE AGENTS IN OAK FOREST

Join The Conversation

This site uses Akismet to reduce spam. Learn how your comment data is processed.