Oak Forest Market Update – July 2013

Norhill Realty August 28, 2013

Oak Forest continues to transform into one of Houston’s top luxury near town neighborhoods. Home prices have increased 16% over the 12 months ending in July and new construction home prices have increased 26%. Older homes (those built prior to 1990) rose 14% to $241,300.

Inventory levels remain low with approximately 2 months of inventory available on the market.  With school starting in August, we may see a small slow down.  However, the appetite for Oak Forest properties does not seem to have waned much through the summer.

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Sales Activity

67 homes sold in July of 2013 in Oak Forest. That’s up 43% from July 2012 when only 47 homes sold.  Of those properties that sold in July, half were under contract in less than 9 days. That’s considerably faster than July 2012, when half of all homes were under contract in less than 35 days.

Active Listings

Currently, there are 98 homes on the market in Oak Forest, which is pretty close to where we were in May and June.  There were 107 new listings in July.  Of those listings, only 53 are still available.  The rest are already under contract.Oak-Forest-Graph-July-2013

Home Prices 

For the 12 month period ending in July 2013, the average sales price has risen 16% to $298,893. New construction has performed particularly well. Rising 26%! from the previous 12 month period ending in July 2012. Older homes (those built prior to 1990) rose 14% to $241,300.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, 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.

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