I have recently received many inquiries from clients interested in the Houston Heights, especially Cottage Grove. The neighborhood has seen some of the strongest price appreciation in Houston over the past few years for its convenient location and supply of newer homes. However, the slowdown of Houston’s economy tied to 13 year low oil prices has led to an interesting time for home sales in the neighborhood. I decided to dig into the numbers (for newer homes built after 2000) to see what is really going on!
Despite the falling oil prices over the last 18 months, there has not been a direct correlation with WTI and the average sale price per square foot in Cottage Grove. The trough in low sale price per square foot looks to be seasonal and consistent with previous years. However, the spread between the high sale price per square foot and the low sale price per square foot is at a record level.
The number of monthly sales in Cottage Grove has remained healthy in recent months compared to prior years. However, the average sale price has dipped below $400,000 for the first time in 18 months. There are deals to be found in the neighborhood with the lowest priced home selling for $305,000 in December 2015.
As the overall Houston residential real estate market has slowed, the percentage of homes selling for below list price in Cottage Grove has reached the highest level in years. There is a strong case to be made for aggressive offers when looking to purchase your next home.
Feel free to contact me to further discuss!
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