Rice Military 77007.com Whats happening in my market?

 Rice Military is one of the best locations in Houston. There has been a great deal of new construction in this area over the past 5 years. With new restaurants and shopping, it remains a great place for "inner looper" to be close to downtown and enjoy all of the features of living close in.

The market has been getting stronger since the beginning of the year. As of today’s date there are 222 properties on the market with an average "days on market" (DOM) of 85.92. The average list price is $152.93/ft with an average list price of $332,903.

Since January 1, 2009 there have been 121 properties sold with an average days on market of 115.56 and sold prices of $139.35/ft at an average of a $302656.39 list price.

We have seen a number of foreclosures come on the market in this area in the past year and these have seemed to be absorbed by demand. The area continues to find both buyers and sellers as evident by the current 70 homes that are under contract as of today’s date. With interest rates hovering around 5% for a 30 year fixed conventional loan with a modest 5% down payment coupled with an $8,000 tax credit incentive for first time home buyers, Rice Military and all of 77007 look to be an area that you should consider if you are thinking of moving closer to downtown you should consider taking a look at what the area has to offer.