The housing market here in West Houston is like two different animals. A slow market with Days on Market stretching out up to 6 months for houses in more expensive neighborhoods like Cinco Ranch and Green Trails, and a busy market where prices are still creeping up and houses sell within days or weeks of entering the market. I plotted house sales for two subdivisions, Green Trails which is just south of I-10 at Greenhouse Rd, and it consists of mostly 4 and 5 bedroom houses with detached garages and mature trees; and Windsong which is North of I-10 at Barker Cypress and W. Little York, and is 3 and 4 bedroom houses that are mostly less than 2000 square feet. I plotted just the 4 bedroom houses in Green Trails and 3 bedroom houses in Windsong, then fitted a curve through all of the points to give an indication of trends.
In Green Trails, the price per foot has started to decrease and an average price per square foot is probably below $120, the prices are heading back to where they were in 2013 In Windsong, sales continue to show an upward trend on prices, and the average price per square foot is probably above $90. I would guess that prices will start to cool off as the sales prices go above $165k, and investors lose interest with rents below 1%.
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