AFFORDABILITY FUELS GROWTH IN HOUSTON’S NEW HOME MARKET
Waller and Montgomery County communities take the top spots on the list in Q3 2024
HOUSTON — (October 28, 2024) —Suburban communities in the western and northern parts of the Houston area are experiencing a surge in sales activity as homebuyers continue to prioritize affordability. New construction homes are driving much of this demand, according to the Houston Association of Realtors’ (HAR’s) latestHottest Communities in the Houston Areareport.
Brookshire, located about 40 miles west of downtown Houston, had the largest percentage increase of home purchases in the third quarter of 2024 in the Greater Houston area. There were 118 homes sold in the Waller County community, which is a 257.6 percent increase compared to the same time last year. The average home price in Brookshire was $342,159.
Other communities with significant growth in the third quarter include Waller, which saw a 76.9 percent increase in home sales compared to last year, and Conroe Northeast, which experienced a 75.3 percent increase in transactions year-over-year.
New construction remains a driving force, accounting for more than 65 percent of sales in the top five performing communities. This trend is particularly evident in Brookshire, where 88 percent of homes sold were newly built.
Notably, six out of the top 10 geo market areas in the report had average home prices below the Houston area’s average of $415,435, according toHAR’s September 2024 Housing Market Update.
“The demand for new construction homes in the Houston area is steadily rising due to their affordability and modern amenities,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “As more buyers seek out value and convenience, I believe there will be further growth in the new home market in the months ahead.”
The report also looked at the hottest luxury communities in the Greater Houston area where homes are priced over $1 million. Highland Village/Midlane had the largest percentage increase in home sales during the third quarter of this year with a total of 12 transactions. That is 71.4 percent above where home sales were during the same time last year. The average home price in this community was $1,612,542.
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The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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