Rice Military Market Update – February 2013

Norhill Realty March 11, 2013

Below you will find the most recent data on home sales and prices for the neighborhoods near the Washington Avenue Corridor in Houston, Texas, including Rice Military, Sawyer Heights, Cottage Grove, and Hogan’s Landing. If you are interested in receiving monthly Houston and Washington Corridor news updates, then sign up for our RSS feed to receive instant updates.  Or email us at [email protected].

Homes Sold

At 88 total homes sales, the number of home sales in the Rice Military in February 2013 literally doubled from February 2012. That is a pretty impressive jump in activity for this popular urban neighborhood.  Half of all homes sold in February were under contract in less than 31 days.  This market looks to be taking off just as vigorously as neighborhoods like Montrose and the Heights.

Active Listings

Currently, there are 222 properties active on the market in Washington Corridor, 141 detached homes and 81 town homes. There is currently less than 2 and a half months of inventory on the market. 75 new listings came on the market in February.  Of the 222 homes on the market, 18 sellers decided to drop the price.

Home Prices

Prices have performed very well over the past 12 months.  From the end of February 2012 through February 2013, home prices have risen 3.04% to $370,572.    Low inventory levels in the Washington Corridor and throughout Houston continue to contribute to higher prices and reduced sales times. It is certainly a good time to be a home seller and a good opportunity for buyers to make a move before interest rates move up.BRC-blog

Rice Military is the new place to live and play in the city of Houston.  Some of the trendiest bars, bistros, and gastro-pubs make the West End their home.  The residents of this area love the close proximity to Memorial Park, Downtown, and the Galleria.  This area has seen a lot of residential and retail development over the past 10 years and this trend continue.

RICE MILITARY REAL ESTATE

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