Oak Forest Market Update – May 2013

Norhill Realty June 12, 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

After a rip roaring April, total transactions settled down in Oak Forest for the month of May.  46 total homes sold in May, which happens to be the exact same number of homes that sold in May of 2012. Of the homes that sold in May 2013, half were under contract in less than 7! days.  That’s about as fast as April, and much faster than May 2012.  The median days on market in May 2012 was 15 days, which isn’t anything to sneeze at.

Active Listings

Currently, there are 77 homes on the market.  26 of those homes came on the market in May.  Half of those homes currently on the market have only been on the market for 20 days.  65 homes came on the market in May.  Of which 9 are new construction. Only 26 of the homes that came available in May are still active.  All of the other properties are either under contract or sold.

Home Prices

For the 12 month period ending in May, the average price for all homes in Oak Forest was up an astounding 15% to $275,828.  For new construction homes, the numbers are even more incredible.  The average home price for newly contructed homes over the 12 month period ending in May was $573,991.  That’s an increase of 23% from the same period ending in May of 2012.  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.  It is a good time Oak Forester!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.