Oak Forest and Garden Oaks continues its transformation to one of the most sought after luxury markets near Houston’s inner loop. Home prices rose for the 10th consecutive month to $340,699. New construction in particular performed particularly well. Home prices for that sector rose an astonishing 30%! Check out those and other numbers below to get more insight into this great area of Houston.
In the month of January, Oak Forest and Garden Oaks saw a total of 31 homes sold. That’s up from the same period in 2013, which saw only 28 sales. Of the homes that sold last month, half were under contract in 25 days or less. That’s much faster than January of 2013 when half of the homes were under contract in 44.5 days or less.
Currently, there are 83 homes on the market in Oak Forest and Garden Oaks. There were 41 new listings that came available in January. Of those, only 23 are still available. The rest are under contract.
For the 12 month period ending in January 2014, the average sales price is up to $340,699. That’s an increase of 26% year over year. New construction has performed particularly well. Rising 30%! to $678,184 from the previous 12 month period ending in January 2013. Older homes (those built prior to 1990) rose 21% to $265,131.
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, entire 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.