Houston Homebuyers Flock to Affordable Suburban Communities
Houston's homebuyers are increasingly seeking value in more affordable communities, according to the latest report by Houston Association of Realtors (HAR). Identified as the Houston area's hottest communities, many of these suburban havens boast home prices below the Houston area average, demonstrating a prevalent shift towards affordability.
The HAR's Hottest Communities in the Houston Area report highlighted the rise of activity in Porter/New Caney West, situated approximately 30 miles northeast of downtown Houston. Home transactions in this area ascended by a staggering 140.5 percent in Q2 2024 compared to the same period the previous year. Since the start of the year, Porter/New Caney West has made its mark as the hottest community in the Houston area, with median home prices standing at $290,456.
(Source: HAR.com)Another suburban gem that has caught the eye of homebuyers is Brookshire - a Waller County community located nearly 40 miles west of Houston. Securing second place on the hot list, Brookshire saw a significant year-over-year transaction increase of 105.6 percent, with an average home price of $326,768.
Further testament to the suburban attractions is the dominance of newly built homes in these areas, accounting for the lion's share of sales in both communities – 77 percent in Porter/New Caney West, and 84 percent in Brookshire during Q2 2024.
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“With soaring home prices, an increasing number of buyers are turning to the suburbs in search of better value," observed HAR Chair, Thomas Mouton. "Combining affordability, modern amenities, and customizable options, these communities are proving particularly attractive to first-time homebuyers."
A total of nine out of the top 10 communities in the report had average home prices below the Houston area's average of $432,090, as per HAR's June 2024 Housing Market Update.
(Source: HAR.com)The HAR report also shed light on the trend among luxury homebuyers. The River Oaks Area, where homes are priced over $1 million, saw the largest increase of home sales during Q2 2024, with 32 transactions - a rise of 23.1 percent compared to the same period in the preceding year. The average home price in this premium community stood at a hefty $3,106,700.
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Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region.
