When September data from the Houston Association of Realtors came out, it showed sales were down in all price points except for those homes priced above $750,000.
Paige Martin, a local broker with Keller Williams Realty, dug through sales data from the Multiple Listing Service and calculated the top 10 most expensive areas in Houston based on the median price of homes sold between Jan. 1 and Sept. 30, 2018.
River Oaks topped the list, with a median home price of $2.37 million. The No. 2 market area on the list lands a bit farther west — Memorial Villages — with a median home price of $1.56 million.
The Memorial Villages includes six independent villages: Hunters Creek, Piney Point, Hedwig, Bunker Hill, Spring Valley, and Hilshire.
Half of the top 10 areas saw decreases in median prices compared to 2017 data, with the biggest drops seen in Memorial Park, Bellaire and Braeswood Place.
See the top 10 most expensive neighborhoods, ranked by median price:
River Oaks, $2,370,000 (22 percent increase from 2017)
Memorial Villages, $1,560,000 (1 percent decline from 2017)
Tanglewood, $1,494,500 (1 percent increase)
Royden/Afton Oaks, $1,372,500 (61 percent increase)
West University, $1,337,445 (4 percent increase)
Memorial Park, $1,285,000 (16 percent decline)
Highland Village/Midlane, $1,038,510 (10 percent increase)
Boulevard Oaks, $1,000,000 (2 percent drop)
Bellaire, $975,750 (6 percent decline)
Braeswood Place, $847,900 (5 percent drop)
Homes in West University sold the fastest among these most-expensive neighborhoods, spending 103 days on market. Single-family homes in Copperfield, near Highway 6 and FM 529, sold the fastest among the 55 neighborhoods Martin tracks. Homes there spent 57 days on the market.
Martin told the Business Journal despite single-family home sales dropping 5.8 percent overall, she’s seen activity pick up in certain neighborhoods, at certain price points.
For example, the $500,000 price point in the Heights or around $1 million in West University is active, along with townhomes under $300,000 close to downtown, she said.
She expects to see an uptick as the year winds down, with people looking to secure homes before Dec. 31 to qualify for a homestead exemption in 2019.
By Fauzeya Rahman Reprint from The Houston Business Journal