Washington Corridor Market Update – January 2013

Norhill Realty February 12, 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

With 54 home sales to kick off 2013, January total sales in Rice Military/Washington Corridor were up 34% from January 2012.  Half of all homes sold in January were under contract in less than 32 days.  Low interest rates and a robust Houston economy continue to have a positive impact on this area.

Active Listings

Currently, there are 221 properties active on the market in the Washington Corridor, 136 detached homes and 85 town homes. 75 new listings came on the market in January, and 5 of those new listings have already sold. There were only 13 homes that were forced to reduce their price in January.

Home Prices

Prices have performed very well over the past 12 months.  From the end of January 2012 through January 2013, home prices have risen 7% to $371066. Townhomes have performed particularly well. Rising 8% during the same period.  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

The Washington Corridor 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.

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