Rice Military Market Update – July 2013

Norhill Realty August 26, 2013

Yep, things are still roaring ahead for the Rice Military. Home prices rose to record breaking levels for the 12th consecutive month, and they sold with a quickness. With less than 2 and a half months of inventory, home prices and quick home sales may well continue into the fall. See below for more details on the July numbers.

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Homes Sold 

After a small slip in sales activity in June, home buyers and home sellers got together a little more often in July. There were 131 total sales in July 2013. That’s up 21% from July 2012. Of those homes that sold in July, half of them were under contract in less than 14 days. That’s about 62% faster than July 2012 and about as fast as June.

Active Listings

Currently, there are 239 properties active on the market in Washington Corridor, 160 detached homes and 79 townhomes.  That’s only slightly higher than the number available in June.  There were 109 new listings that came available in July.  Of those, only 54 are still available.  The rest are under contract.Washington-Corridor-Ave-Graph-July-2013

 

Home Price

Good times continue in the Rice Military as home prices rise for the 12 straight month.  The average home price for the 12 month period ending in July 2013 was $404,760, a 16% year over year increase from July 2012.BRC-blog (1)

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

SELLING A HOME IN RICE MILITARY