THE HEIGHTS

by David Michael Young

The Houston Heights offers a wide variety of character in housing, dining, entertainment and outdoor amenities.  While new construction patio homes pop up on the edges of the Heights, the core areas (Houston Heights, Historic Heights, Woodland Heights, Norhill) have maintained their lot sizes and it is more common to renovate older homes than to tear down and build new. 

In these core areas of the Heights, the land is selling in the $75-100/SF range, depending on the location within the Heights, so for the typical 5,000 SF lot, that would be $350-500,000.  As of 2 May 2025, there are 131 single family homes on the market, ranging $460,000 to $3,049,000 and averaging $1,145,741 ($446/SF) and 114 days on market.  

In the first quarter of 2025, 75 homes sold ranging $350,000 to $2,420,000 and averaging $1,042,220 ($474/SF) and 83 days on market.  Compare that to 1Q2024 when  59 homes sold ranging $290,000 to $3,325,000 and averaging $1,074,398 ($446/SF) and 77 days on market – a 6.3% increase in average sale price per square foot.

David Michael Young
Broker Associate, Compass RE Texas
713-320-6453
david@youngrealtyhouston.com

BRIARGROVE

by Michelle Hinton

Memorial Villages stands as one of Houston’s most prestigious residential enclaves, comprising six independent municipalities—Piney Point Village, Bunker Hill Village, Hunters Creek Village, Hedwig Village, Hilshire Village, and Spring Valley Village. Nestled just 10 miles west of downtown, the villages were incorporated to preserve the area’s rural charm and offer a unique blend of exclusivity and tranquility. 

Renowned for sprawling estates and tree-lined streets, Memorial Villages has become synonymous with luxury living. Hunters Creek Village has been recognized as the wealthiest town in Texas, boasting a median household income exceeding $250,000 and home values averaging over $3 million. 

Characterized by expansive lots and a mix of architectural styles, the area offers a tranquil suburban atmosphere with the conveniences of urban living. The Villages are notable for their top-rated schools, lush parks, and a variety of dining options that range from casual to upscale.

The real estate market here reflects its elite status. As of 2024, median home sale prices surged to $2,022,500, marking a significant increase from previous years. Properties range from $800,000 to upwards of $12 million, with the top 20% priced at $4.8 million and above. Notably, Carnarvon Drive in Piney Point Village has emerged as Houston’s most expensive street, featuring estates listed between $22.5 million and $36 million. 

Memorial Villages’ commitment to maintaining a serene environment—evident in policies like prohibiting billboards and limiting commercial development—further enhances its appeal to those seeking luxury, privacy and accessibility, as one of Houston’s most sought-after residential areas.

Michelle Hinton
Broker Associate, Compass Realty
832-795-2246
HintonHomeTeam.com

RIVER OAKS

by David Michael Young

With a buy-in price of $1.5 million and previous non-MLS sales in excess of $30 million, this genteel neighborhood is home to many of Houston’s wealthiest families.  Established in the 1920s by Houston’s famous Hogg family and anchored by the exclusive River Oaks Country Club, the River Oaks subdivision of roughly 1,300 homes was primarily built out in the 1920s and 1930s.  Most of these homes were designed and built by renowned architects and builders, and have been preserved over the years by consecutive owners.  Over the past decade, however, many of these older homes have been torn down to make way for new construction selling in the $5-15 million range.

Some of the highest priced homes are not listed in MLS, but according to HARMLS, there were 24 sales of single family homes in the River Oaks Area (including Tall Timbers, Homewood, Royden Oaks, Avalon Place and Glendower Court) in the first quarter of 2024 ranging $1,519,250 to $8,300,000 and averaging $3,152,417 ($578/SF) – $23/SF lower than the same period in 2024.

David Michael Young
Broker Associate, Compass RE Texas
713-320-6453
david@youngrealtyhouston.com

TANGLEWOOD

by Cynthia Wolff

Tanglewood is one of Houston’s premier neighborhoods in the Uptown/Galleria area.  Developed in the ‘50s by William Giddings Farrington and designed by renowned architect John F. Staub.  It is known for its large, tree-lined lots and beautiful homes, many of which have been exquisitely renovated or rebuilt over the years. 

Today, Tanglewood attracts affluent residents who appreciate the high standard of living and want to be near the action and shopping meccas of the Galleria and River Oaks Districts. Also, it is a convenient location near major highways and home to the Houston Country Club.  The community maintains its value and reputation with well-preserved homes and top-notch services.

Real estate in the neighborhood consists of single-family homes. Tanglewood Boulevard is a tree-lined boulevard from Chimney Rock to San Felipe. Tanglewood Boulevard is a popular route for joggers, walkers, and bikers and is also used for community events.  

Tanglewood is a Houston treasure, and its success can be attributed to the vision of its founder, careful planning, and development. 

Tanglewood Real Estate Overview 

• As of May 2, there are 18 active listings for sale in Tanglewood. 
• The average list price of the homes on the market is $3,719,218.. 
• The average size of the homes in the Tanglewood neighborhood is 5,491 square feet, and the average lot size of the listed homes is 21,308 square feet.
• Tanglewood has 22 active lot listings for sale.
• In 2024, 47 homes sold for an average sales price of $452.76 per square foot, which is an increase of 7.3% over 2023.

(above numbers are from the Houston Association of Realtors 5/1/25)

Cynthia Wolff, J.D.
Realtor Associate,
Senior Real Estate Specialist
Beth Wolff Realtors
713.622.9339

WEST UNIVERSITY/SOUTHSIDE PLACE

by Lisa Baer

West University and Southside Place are adjacent neighborhoods, each being separate cities with their own mayors and city councils, police, fire and sanitation departments.  Many homeowners appreciate the desirable location near Rice Village, the Texas Medical Center, the Museum district, Hermann Park, and downtown Houston. The cities maintain their small town feel with many parks, little league fields, and neighborhood restaurants. Original homes dating back to the 1920s and 1930s have been artfully renovated and enlarged by dedicated homeowners, creating a diverse architectural landscape. Many of these original homes were repurposed in the 1980s and 1990s into new homes, some of which have since been reconstructed again. Builders have also drawn inspiration for newer homes from the classic abodes, blending earlier craftsmanship with modern amenities. New contemporary/transitional homes have been recently built with open flowing floor plans and are brimming with natural light and innovative finishes.

The 2025 West University/Southside real estate market is very hot with many homes receiving multiple offers and 58.6% of the homes that closed in 2025 sold for full price or above. The shortage of inventory has driven incredible prices for sellers. The Houston Association of Realtors shows 41 active single family home listings currently in West University and Southside Place at an average list price of $2,041,279. There are 31 home sales currently pending per HAR and 58 homes have closed in 2025 per HAR with an average sales price of $2,098,135.  HAR data for 2024 shows West University and Southside had 195 homes sold with the average sales price of $2,027,523.

Lisa Baer
Broker Associate
Martha Turner Sotheby’s  International Realty
Lbaer@marthaturner.com
713-562-9944

The post 2025 Real Estate Roundup appeared first on Best of Heights.

According to the Houston Association of Realtors’ (HAR) July 2024 Market Update, single-family home sales across the Greater Houston area rose 1.8 percent year-over-year. The Houston Multiple Listing Service (MLS) recorded sales of 7,635 units compared to 7,501 last July. Months supply of homes expanded from 3.1 to 4.3.

High-end market sales outpaced last July’s figures. The luxury segment ($1 million+), which represents 4.5 percent of all homes on the market, experienced a 14.2 percent increase in sales. That was followed by the segment that consisted of homes priced between $500,000 and $1 million, which rose 9.1 percent year-over-year. Sales of homes priced between $250,000 and $500,000, which makes up more than half of all homes on the market, were statistically flat. All other housing segments continued to see a slowdown in sales. HAR will publish its July 2024 Rental Home Update on Wednesday, August 21.

For more go to https://www.har.com/content/department/mls

The post Shocking Numbers For Luxury Sales As Hurricane Beryl Disrupts Houston Housing Market in July appeared first on Best of Heights.

The high sale in Houston this week was 11625 Monica St in Bunker Hill Village of the Memorial Villages. It sold for $2,898,300 which came to $414.00 a square foot.

The stone and stucco estate has five bedroom four full and one half bathroom home was built in 2006.It has 5,483 square feet of living space on over a half acre of land.

Seller notes include  a description of a stunning estate with towering trees and a formal entry leading to the grand family room. There are oversized windows for breathtaking panoramic views of the pool and backyard oasis. Open to the family room, the gourmet kitchen with Viking appliances and built-in Miele coffee machine alongside the butler’s pantry with its own full size fridge/freezer and wine storage is perfect for entertaining. The downstairs features a home office with sound insulating panels and media room complete with wet bar. The primary bedroom allows an  unblemished view of backyard. The  ensuite bath has his/her closets and a luxurious soaking tub. Upstairs features a game room and four graciously sized bedrooms. Other luxury upgrades include a whole house Wi-Fi network upgrade, smart lighting and door locks, and a garage Tesla charging station.

The home was on the market for 30 days before being  purchased.

The listing agent is Harry Lou with Fidelity Realtors and Services,

The buyers agent was Kim Van Blarcom with HomeSmart.

For more information go to:
https://www.har.com/homedetail/11625-monica-st-houston-tx-77024/3231430

High Sale of the Week – Hunter’s Creek Mansion Takes Top Spot

This week’s high sale was 209 Bryn Mawr Circle in Hunter’s Creek of the Memorial Villages. It sold for $6,450,000 or $603.00 square feet. The property is over an acre and

has a 10,704-square-foot home, built in 2005, with seven bedrooms, eight full baths, and two half baths. It has ample room to roam and is spread out over an acre in the heart of Hunte’s Creek. For car lovers, it has a porte cochere and a ten-car garage with an outdoor car wash station.

 The seller describes the memorial estate as an exquisite traditional masterpiece that showcases impressive elements and grand style. The primary suite features a generous sitting room and floor-to-ceiling glass windows. Lutron light system & a savant management system throughout the home. There is a luxury kitchen along with an alluring living room that offers open space for entertaining. The residence features additional guest quarters tucked away with dual kitchens and 2 bedrooms. There are two utility rooms, a media room, a game room, and an insulated wine cellar. Other luxury amenities include a motorized gate for the ten-car garage, an elevator, and a generator. Finally, the main attraction is the exterior grounds with a resort-style swimming pool & spa, a large lush yard, a pergola, and a loggia with an outdoor kitchen. 

The home was on the market for 295 days before being purchased.

The listing agent was Kellie M Geitner of Martha Turner Sotheby’s International Realty.

The buyer’s agent was Sabiha Rehmatulla with Compass RE Texas, LLC.

For more, go to:
https://www.har.com/homedetail/209-bryn-mawr-cir-houston-tx-77024/13389707

High Sale of the Week – Massive River Oaks Estate Goes For Top Dollar

The high sale of the week was 3931 Inverness Drive in the Tall Timbers section of River Oaks, which sold for $15,000,000 or $1,433.00 a square foot. Seeing is believing this masterpiece, which stayed on the market for 61 days. The five bedrooms, five full bathrooms, and four half bathrooms fit into the 10,488 square feet on a pristine acre in Houston’s most venerable neighborhood.

The seller’s notes state this is Southern Living at its finest. The home is nestled within the prestigious Tall Timbers section of River Oaks and is a testament to timeless elegance and Southern charm, drawing inspiration from renowned architect A. Hays Town and brought to life by noted Houston architect Roger Cooner. The home seamlessly integrates traditional Louisiana architectural elements with modern luxuries in Its sprawling design. Features include inviting verandas, graceful formals, and intricate brickwork, evoking a sense of refined elegance and tranquility. Inside, the spacious interiors boast soaring ceilings, reclaimed wood floors, and beautiful natural light, creating a warm and welcoming ambiance. With its harmonious blend of classic craftsmanship and contemporary comforts, this River Oaks estate.

 The listing agent was Katie L Forney with Compass RE Texas and

 the buyer’s agent was Laura Sweeney, also of Compass RE Texas.  Click the link below to view the listing:

For more go to www.har.com/30223295

High Sale of the Week – Memorial Villages

This week’s high sale was at 8 Dunnam Ln in Bunker Hill Village of the Memorial Villages. The home was on the market for only six days and sold for $3,233,457, or $544.00 a square foot.

The five-bedroom, four-bathroom, and one-half-bath home, built in 1994, befits the neighborhood with its traditional stucco style. It has lots of room to roam on over a half-acre.

The seller’s notes describe the gorgeous façade, inviting interiors, impeccable design, and a fabulous backyard. There are walls of glass that connect the interiors to a stunning pool, spa, and outdoor pavilion with a fireplace. The kitchen features quality cabinets, Quartz countertops, a Wolf range with griddle, warming drawer, a SubZero fridge and freezer plus a wine tower. There is a handsome paneled study down. Also the formal living with fireplace and doors opening to the fantastic backyard. The outstanding primary suite features a spa-like bath, soaking tub, huge shower, and fabulous closet. Other luxuries include secondary bedrooms with private baths and large closets, a media room, a Gated drive, and a car garage. 

The listing agent is Sharon Ballas with Greenwood King Properties.

The buyer’s agent was Marie Gilbert with RE/MAX Signature.

For more information go to:
https://www.har.com/homedetail/8-dunnam-ln-houston-tx-77024/11093157

High Sale of the Week – River Oaks Mansion

The high sale last week was at 3244 Chevy Chase Drive in River Oaks.

The mansion, or castle-like abode, sold for a tidy $9,588,187, or $705.00 a square foot. It is 13,951 square feet and sits on 3/4 of an acre in one of Houston’s most revered neighborhoods.

The four-bedroom, five full four half bathroom home was designed by Elby Martin in the tradition of Addison Mizner. It was built in 2006 and is only a short par four from the River Oaks Country Club just off River Oaks Boulevard.

The seller’s notes describe a refined classic with impeccable scale, proportion, & massing. Romantic without the fuss; rustic yet sophisticated.  There is a barrel-ceiling foyer and a palatial formal and glass gallery providing a panoramic view of patios, a pool, a spa, loggias, and a summer kitchen. The walls are Venetian plaster as are the ceilings There are limestone & wide-plank alder floors; alder interior doors and cabinets; beamed & coffered ceilings; metal-framed arched French doors along with a winding staircase with custom full-length stained-glass window. The rotunda full bar overlooks the pool. 1st-floor primary suite with two opulent full baths. Other luxury amenities include an elevator, bespoke closets, expansive en suite bedrooms with lavish baths, custom closets, balconies, a side yard with stone fountain and flex area for putting green, and a play yard. The home was on the market for 206 days before being purchased.

The listing agent was   Ruthie Porterfield with Martha Turner Sothebys International Realty.

The buyer’s agent was Kelly Labanowski, also with Martha Turner Sothebys International Realty.

For more info go to:
https://www.har.com/homedetail/3244-chevy-chase-dr-houston-tx-77019/11006859#

High Sale of the Week – Stunning Price for River Oaks Estate

The high sale of the week was 3237 Inwood Drive in River Oaks, which sold for $7,200,000, which amounted to a massive $1,200 plus a square foot. The home lasted three days on the market before being purchased. The listing agent was Laura Sweeney of Compass and the Buyer’s Agent was Michael Afshari of Compass.

The three-bedroom, three-bath home is all about the details and history. Built in 1927, it consists of three different dwellings totaling less than 6,000 square feet on a 26,100-square-foot lot in River Oaks Country Club Estates.

Seller notes describe it as a River Oaks Icon: “The Redbird House”. This enchanting estate with fully gated grounds offers a prestigious pedigree set forth by acclaimed architect Birdsall P. Briscoe. within the coveted Country Club Estates. The Main House has been masterfully reimagined by the talented team of Newberry Architecture in collaboration with Erin Stetzer Homes and Courtnay Elias of Creative Tonic Design. There is a swimming Pool with an adjacent ground-level guest house. A gated motor court with porte-cochere and ample off-street parking leads to a Carriage House with a two-car capacity and a guest apartment above. A timeless treasure, having remained a recognized hallmark of distinguished design and a recipient of a “Good Brick Award” from the Houston Preservation Alliance.

For more info go to:
http://www.har.com/9490197

High Sale of the Week – Piney Point Village

The high sale in Houston was 351 Tynebook Ln in Piney Point Village. It sold for $3,800,000 or $571.00 a square feet.

The six-bedroom, six-full, and two-half-bath home is 6,651 square feet and is on over a half acre in Memorial Villages.

The traditional custom home was built in 2012. Sellers describe a home offering an abundance of space and luxurious features. As you step inside, you’ll be greeted by the grand entry followed by the adjacent formal dining room and the study/home office, perfect for work or relaxation. The living room, with a gas log fireplace and full wet bar, is ideal for entertaining. The gourmet island kitchen with breakfast area has marble countertops and top-of-the-line appliances, including dual dishwashers and refrigerators/freezers, which are a must for the active family. Large family/game room ensuring ample space for leisure activities. Spacious master suite. Each bedroom has its own ensuite bath & walk-in closet. Other luxury features include a mudroom and study nook, and a covered outdoor living area with a built-in grill that overlooks the large backyard. 

The home lasted just six days before being purchased.

The listing agent was Miller Friedman with Rob Adams Properties, Inc.

The buyer’s agent was Caroline Bean with Compass RE Texas, LLC

For more info go to
https://www.har.com/homedetail/351-tynebrook-ln-houston-tx-77024/10464337

High Sale of the Week – Royden Oaks

This week’s high sale was at 3825 Overbrook Lane in Royden Oaks located near River Oaks. It sold for $3,210,000 or $511.00 a square foot.

The five-bedroom five full and one-half-bathroom home is 6,276 and is on a 1/4 acre of land. This beautiful traditional brick home commanded a higher price than the average for the neighborhood due to its relative newness having been built in 200. Also, the amenities are aplenty.

The residence is custom-curated by renowned Southampton Group & Ken Newberry architects. Sellers describe a home featuring quality craftsmanship, elegant interiors with superb indoor/outdoor living. The exterior is an Old-world style repurposing old Virginia factory bricks, copper gutters, and a courtyard entry. The stately formals include a library, dining, a wet bar and a gourmet, eat-in Kitchen with rich, walnut floors throughout. The family room is off the kitchen and lined with custom bookcases and French doors leading to the entertaining patio with a striking, wood-burning fireplace. There is an exercise room, office, and Primary Retreat with spa-like bath and walk-in closets. Other luxury amenities include a guest suite or 5th bedroom that has a full kitchen & living with its own staircase. Also included is a generator, an oversized 2-car garage with a workshop, storm windows, energy efficiency, and a pool-sized yard with lush landscaping by Moss.

The home was on the market for 41 days before being sold. 

The listing agent was Colleen Sherlock with Greenwood King Properties – Kirby.

The buyer’s agent was Heather Trocmet with Redfin Corporation.

For more go to https://www.har.com/homedetail/3825-overbrook-ln-houston-tx-77027/11591207

The post Sale of the Week appeared first on Best of Heights.

After the recent Texas Supreme Court ruling, many Heights residents such as Gilbert Perez could breathe a sigh of relief. In 2008 due to 2.5 houses being torn down weekly in the Heights, Perez and others established Historic Districts within a city and state that shun such “zoning” practices. The Justice wrote that the “historic districts did not have the characteristics of a zoning ordinance.” and will stand for the preservation of the historic districts that he and others fought to maintain.  Perez vows to continue his mission and passion for redeveloping the small bungalows that remain the signature of the Heights real estate landscape. 

Many from the early 1900s.

Gilbert Perez, like so many, moved to Houston in the 1980s to attend law school but soon decided that was not for him. He worked in corporate America with Ross Perot’s firm EDS. he quit his job and decided to pursue his dream and got his interior design schooling at University of Houston and Houston Community College. Perez got his early design experience under the tutelage of Tim Hamrock of Beverly Hills in Houston’s Highland Village as his interior design assistant. Soon he was ready to go on his own and, in 1995, started Gilbert Joseph Custom Design and Interiors.  He moved to the heights in 1996.

For about ten years, he worked as a designer but also began buying and flipping houses. He formed his company Bungalow Revival after buying then restoring, and selling his first bungalow. “I wasn’t planning to be a remodeler because I was busy doing interior design,” says Perez. Perez would restore “one or two a year and make as much as 100,000 or more on each flip.” “That was when properties were 125,000 for a 6,600 square foot lot, and I would put between 125 to 200,000 in them and sell them for a hundred thousand dollars or more profit. Now lot values are 400,000,” says Perez. Perez estimates he has restored between 35 to 40 homes in the Heights. 

Perez became known as a remodeler and realized many people didn’t know about his interior design background, so in 2009 he opened his European-inspired retail design store, Bespoke on 19th Street. The store was there ten years until 2020, when his lease expired, and the building sold. His inventory went into storage, and he officed out of a garage apartment while he decided to renovate a building on Tulane and 11th Street that would house his retail and offices. 

He bought the dilapidated structure in 2019 and had to build a skeleton to start. The building was in decay and infested with termites, but one would never imagine its previous state from its looks now. It was built in 1920 and previously was a lawnmower repair shop.

His new store just opened and is about 700 square feet and is packed with design specialties. “I love going to small New York shops and boutiques in Europe filled with stuff, and I wanted to bring that kind of boutique to the Heights.

While he enjoys the interior design part, Gilbert Perez’s true passion is in “redoing the small bungalows of around 1.200 feet with those seamless additions” that make the Heights what it is.

The post Heights Company’s Passion for Preserving History appeared first on Best of Heights.

Low interest rates inspired Houston consumers to snap up high-end homes in April at a pace never before seen, sending prices to new highs while keeping home inventory at historic lows. It must be noted that, as in March, some figures contained in this latest housing report are distorted because they compare to the same month last year when real estate was just beginning its recovery from coronavirus-related lockdown orders that halted most of the business.

According to the latest Houston Association of Realtors (HAR) Market Update, single-family home sales were up 47.4 percent compared to last April with 9,105 units sold versus 6,175 a year earlier. That represents the biggest one-month year-over-year sales volume increase of all time and is the market’s eleventh consecutive positive month of sales. On a year-to-date basis, home sales are 24.4 percent ahead of 2020’s record pace.

Homes priced from $750,000 and above led the charge in sales volume in April with a staggering 164.3 percent year-over-year surge. That was followed by the $500,000 to $750,000 segment, which soared 132.2 percent. With high-end homebuying overshadowing the marketplace, pricing climbed to new record levels. The single-family home average price rose 20.0 percent to $371,854 and the median price increased 17.6 percent to $295,000.

Sales of all property types totaled 11,348. That is up 58.3 percent from April 2020. Total dollar volume for the month rocketed 85.9 percent to just under $4 billion.

“In my 20 years in real estate, I have never seen such dramatic forces sweeping across the Houston housing market as we have experienced since the coronavirus pandemic began,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “The market is humming along at a record pace, fueled by low mortgage rates despite dwindling inventory and rising prices. However, without a healthy boost in new listings in the weeks and months ahead, the current pace of sales cannot be sustained.”

Lease Property Update
Lease properties staged a mixed performance in April. Single-family lease homes fell 3.4 percent year-over-year while leases of townhomes and condominiums increased 15.1 percent. The average rent for single-family homes jumped 11.0 percent to $1,960 while the average rent for townhomes and condominiums rose 8.0 percent to $1,688.

April Monthly Market Comparison
With frenzied buying taking place at the high end of the market and inventory holding at its lowest level of all time, the Houston housing market achieved the eleventh straight month of positive sales in April. HAR again notes that some of the data in this report are distorted because the sales activity is being compared to April of 2020 when the real estate business was just ramping back up following COVID-related lockdowns.

April sales trends were largely positive. Single-family home sales, total property sales and total dollar volume all rose compared to April 2020. Pending sales shot up 72.4 percent. However, total active listings – or the total number of available properties – fell 42.9 percent with new listings dramatically outpaced by sales.

Despite a 26.8 percent year-over-year increase in new listings in April, strong buyer demand and surging sales dropped single-family homes inventory to a 1.4-months supply versus 3.4 months a year earlier. That is unchanged from last month’s level, which remains the lowest inventory of all time. Housing inventory nationally stands at a 2.1-months supply, according to the National Association of Realtors (NAR).

Single-Family Homes Update
Single-family home sales surged 47.4 percent in April with 9,105 units sold across the greater Houston area compared to 6,175 a year earlier. Heavy sales volume among homes at the high end of the market boosted pricing to record highs. The single-family home average price climbed 20.0 percent to $371,854 while the median price rose 17.6 percent to $295,000.

The time it took to sell a home fell by more than two weeks versus April 2020. Days on Market (DOM) went from 58 to 40. Due to strong buyer demand and surging home sales, inventory registered a record low 1.4-months supply compared to 3.4 months a year earlier. That figure is unchanged from March 2021 and is below the current national inventory level of 2.1 months recently reported by NAR.

1. $1 – $99,999: decreased 27.6 percent
2. $100,000 – $149,999: decreased 23.7 percent
3. $150,000 – $249,999: increased 5.1 percent
4. $250,000 – $499,999: increased 80.6 percent
5. $500,000 – $749,999: increased 132.2 percent
6. $750,000 and above: increased 164.3 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,340 in April, up 54.0 percent compared to the same month last year. The average sales price jumped 24.5 percent to $372,884 while the median sales price climbed 23.6 percent to $293,000.

For HAR’s Monthly Activity Snapshot (MAS) of the April 2021 trends, please click HERE to access a downloadable PDF file.

Townhouse/Condominium Update
Sales of townhouses and condominiums increased for the eighth consecutive month in April, rocketing 112.7 percent with 787 closed sales versus 370 a year earlier. Pricing reached record highs with the average price increasing 8.8 percent to $246,940 and the median price climbing 11.0 percent to $200,000. Inventory fell from a 4.4-months supply to 2.8 months.

The post Houston Real Estate on a Record Pace appeared first on Best of Heights.

The Houston-based company has developed 34 communities since its founding including The Village of The Heights. Founded by Jim Gray its current portfolio now consists of 22 properties in Texas, Oklahoma and Arkansas, totaling 2,600 independent living, assisted living and memory care units, which are managed by Bridgewood’s in-house operator, Retirement Center Management (RCM).

Gray is “baffled” by the pace at which some senior living markets are being flooded with product and is committed to Bridgewood’s careful approach — still, the company has ramped up in recent years, starting to grow through acquisition for the first time.

“We don’t want to be the biggest operator,” Gray said. “We just want to be the best.”

Gray got his start in real estate at Trammell Crow Company, a legendary Dallas-based real estate brokerage and developer that is now a subsidiary of CBRE, the largest real estate services and investment firm in the world.

Gray left Trammell Crow in 1997 to form Cypress Senior Living, focusing strictly on independent living, and ultimately built a portfolio of 2,250 units across the Midwest and Southeast before selling Cypress to Chartwell Retirement Residences (TSX: CSH-UN), Canada’s largest senior housing operator, in 2006.

Building scale, one community at a time

Gray regrouped by forming Bridgewood and RCM, focusing on higher-end, ground-up developments across the care continuum in urban infill markets with dislocations in supply-demand balance. The typical scale of a Bridgewood community is around 200 units.

The company undergoes a lengthy site selection and entitlement process, Gray told Senior Housing News.  “We build one community at a time,” he said. “There is a lot of product being built in some markets, which is baffling to me.”

Development accounts for the majority of Bridgewood’s portfolio, but the company has added acquisition to its strategy in recent years and has added five communities in the past three years through purchases.

“We look for newer buildings in submarkets with lease or operational issues, where the values are more attractive,” Gray said.

Bridgewood’s newest development, The Village of Southampton, offers high-rise luxury senior living in the iconic Southampton neighborhood of West University in Houston.  The Village location is blocks from the Rice Village shopping and dining district, Rice University and the Texas Medical Center.  The 203-unit continuing care community is scheduled to open Spring 2020 with 50% of the independent living units already pre-leased.

Bridgewood Property Company co-developed The Village at The Triangle, a CCRC in Austin, Texas. The Village at the Triangle was awarded “Best CCRC Design” in the 2018 Senior Housing News Architecture and Design Awards.

A CCRC is a continuing care retirement community, or multi-level care facility, which provides residents with a lifetime continuum of care. They assure the care recipient independent living as long as possible, and provide for nursing assistance if or when it is needed.

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According to the Houston Association of Realtors: “Sales of single-family homes increased 2.8 percent in May, with 8,346 homes sold compared to 8,117 in May 2018. On a year-to-date basis, home sales are running 2.7 percent ahead of 2018’s record pace. The prices of a single-family home reached historic highs in May. The median price rose 2.4 percent to $249,993 and the average price climbed 5.8 percent to $323,023. The last pricing highs were reached almost a year ago, in June 2018.”

Since the market is doing so well, why isn’t my home selling? It all comes down to location, condition and price. If a home borders a busy street or commercial property, it will almost always take longer to sell. If a home needs updating, repairs or is not staged well, then buyers may not get excited about it or see too many dollars to invest after closing. If a home is priced higher than other competing homes, it may not even get showings until its price comes in line with other properties.

But even when a home is in a prime location in the neighborhood, is in excellent condition and is priced competitively, it may sit on the market for many months waiting for the right buyer. We have a lot of buyers in the market, but we also have a lot of homes on the market, so there are lots of choices for buyers right now.
Here are some statistics on several of our major micromarkets, showing 2019 YTD sales of single family homes as of June 28, and highlighting the highest sale so far this year.

River Oaks
30 homes sold averaging $3,826,660 ($597/SF) and 134 days on market (DOM)
2930 Lazy Lane – $15,680,000 ($1,479/SF) – 234 DOM – 10,599 SF house on 228,020 SF lot built 1950

Memorial Villages
54 homes sold averaging $1,926,324 ($362/SF) and 145 DOM
25 Greyton Lane – $5,250,000 ($66/SF) – 188 DOM – 11,265 SF house on 48,082 SF lot built 2013

Tanglewood
21 homes sold averaging $2,218,095 ($386/SF) and 288 DOM
5510 Tupper Lake – $4,550,000 ($654/SF) – 285 DOM – 6,959 SF house on 44,383 SF lot built 1993

West University Place
75 homes sold averaging $1,339,650 ($401/SF) and 76 DOM
2819 University Blvd – $3,150,000 ($411/SF) – 202 DOM – 7,670 SF house on 14,000 SF lot built 2007

Briargrove
24 homes sold averaging $1,106,224 ($327/SF) and 100 DOM
6213 Briar Rose – $2,300,000 ($357/SF) – 22 DOM – 6,450 SF house on 9,727 SF lot built 2015

Heights (77008 east of Shepherd, south of 20th)
120 homes sold averaging $769,512 ($323/SF) and 97 DOM
635 E 12th St – $2,100,000 ($410/SF) – 6 DOM – 5,127 SF house on 9,375 SF lot built 2014

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