Rice Military Market Update – September 2013

Norhill Realty September 23, 2013

After a ridiculously active Summer, September brought a little bit of a drop off with respect activity for the Washington Corridor and Rice Military.  However, the drop off in the number of homes sold did not impact the pace of home price appreciation or the rate at which homes sold. Home buyers still want to be in Washington Corridor and they are willing to pay to be there.  With or without seasonal adjustments, it is still a really good time to be a home seller in the Washington Corridor.

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Homes Sold

After a couple of months of vigorous activity, the number of home sales in Rice Military came down to earth. There were 79 home sales in the month of September.  That’s down 25% from August, but only 1 off the number is September 2013.  Despite the fall off in activity, homes are still selling very quickly. Half of all homes sold in September were under contract in 8 days or less.

Active Listings

The number of homes ticked up a little bit with 259 listings active on the market.  That’s up a little from this time last month, so home buyers have a few extra units to choose from.   There were 95 new listings in the month of September. Of those new listings, only 58 are still available for sale.  The rest are either under contract or sold.Washington-Corridor-Ave-Graph-September-2013 (1)

Home Price

Average homes price was $412,891 during the 12 month period ending in September 2013 versus $356,739 in during the 12 month period ending in September 2012.  That’s up 16% year over year.BRC-blog (1)

The Washington Corridor 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.

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