ResalesHouston"s West University Residents Embrace Downtown Lifestyle
The West University area of Houston, Texas is experiencing a renaissance with its proximity to Rice University, the Medical Center, Reliant Stadium, downtown Houston, light rail, museums and more, say local Realtors.
"The Medical Center and museum district are quickly becoming one of the hottest sub-markets in the Houston area," says Realtor Michael Ecklund. "This location is prime. West University is one of Houston"s most established neighborhoods with beautiful homes and top notch location. This area is undergoing significant revitalization and redevelopment. There is a good combination of new construction, rehabilitation, and tear-downs. The new construction provides investors with some security that the neighborhood is likely to continue to improve. The rehabs and tear-downs continue to provide investors with lucrative value-adding projects. The price trend for this neighborhood will continue to be on the rise for the next three-to-five years."
"More Houstonians are embracing the trendy lifestyle of living downtown, according to statistics released today by the Houston Association of REALTORS® Multiple Listing Service," says Realtor Paula D"Amico Auger. "Residential sales, including single-family properties, townhomes/condos and high-rises, in downtown Houston have more than quadrupled within the past seven years, increasing by more than 300 percent. In addition, the median price of these properties has increased by 136.7 percent."
She explains, "All listing categories combined, Houston"s market as a whole showed an increase across the board including sales, available inventory, pending sales and the overall total dollar volume. The median price of single-family homes reached $129,900 in October, compared to $129,000 last October. This represents the highest median price ever recorded in October. Houston"s median price of $129,900 is 32.6 percent lower than the national median price, which reached $172,300 in September, according to statistics released by the National Association of REALTORS®. The median is a typical market price where half of the homes sold for more and half sold for less. Additionally, total sales for single-family homes increased 14.6 percent to 4,461 from last year"s 3,891. Within this single-family home category, 479 of the homes sold were new homes listed by Realtors, versus 575 new homes sold through the MLS during October 2002."
Click here to view current Market Conditions in your location.