Below you will find the most recent data on home sales and prices for the Montrose/Neartown section of Houston, Texas. If you are interested in receiving monthly Houston and Montrose/Neartown real estate news updates, then sign up for our RSS feed to receive instant updates. For more information aboutMontrose/Neartown or to view past market updates, click here. Or email us at [email protected]
In December, Montrose saw 28 total sales. This is down slightly from the previous month. However, overall in 2012, Montrose saw a 22% increase in the number of sales from 2011. Half of all properties sold in December were under contract in less than 22 days, and in less than 32 days for the entire year. Historically low interest rates and a thriving Houston economy continue to be a driving force that has spurred activity in Montrose and throughout the inner loop.
There are 119 homes currently on the market in Montrose. 38 new listings came on the market in December. As with most of the inner loop, inventory levels in Montrose are very low. Currently, there is only 3.5 months of inventory available in Montrose. Generally speaking, 6 months of inventory is considered a balanced market.
Lower inventory levels have helped to push prices up moderately in 2012. All homes sold in Montrose rose almost 2% from $380,331 to $394,510. Detached homes performed particularly well. Rising 2.5% from $433,386 to $455,189. If inventory levels remain low, prices may continue to rise in 2013 for Montrose homes. And the best properties will continue to sell quickly. Not a bad place to be for Montrose home owners.
Montrose/Neartown is one of Houston’s most urban neighborhoods. According to Walkscore.com, this is a walker’s paradise. Some of the great bars and restaurants in Houston are foot steps away from the hip bungalows, townhomes, and mid-rise condominium towers that dot the area. The area is also home to some great cultural institutions, such as Anderson Fair, the Menil Collection, the Rothco Chapel, and Saint Thomas University. If you would like more information about Montrose/Neartown, give us a call at 713-869-5700 or email us at [email protected].