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HOUSTON HOME BUYERS FLOCK TO MORE AFFORDABLE, OUTLYING COMMUNITIES, ACCORDING TO NEW HAR REPORT

HOUSTON — (April 25, 2023) — The weather is heating up and so are home sales in smaller suburbs away from the heart of Houston. The Houston Association of REALTORS’ (HAR) report of the Hottest Communities in the Houston Area reveals that more home buyers migrated toward more affordable communities in the northern and western parts of the Houston area during the first quarter of 2023.
 
The report is based on the percentage increase in the number of transactions in each of the 206 real estate market areas in the Greater Houston area compared to the same time last year.
 
Based on the data, Hockley had the greatest percentage increase of home purchases in the first quarter of 2023, with transactions increasing 53.9 percent year-over-year. The average home price in this community 40 miles northwest of downtown Houston was $340,358 which is lower than the $408,647 average home price in the Houston area, according to HAR’s March 2023 Housing Market Update. 
 
Five of the top ten communities in the report had average home prices below the Houston area’s average.
“As affordability remains a challenge and with the increasing popularity of remote work, we anticipate that home buyers will continue to be drawn to these outlying suburban communities,” said HAR Chair Cathy Treviño with Side, Inc. “Many people like the small-town feel and affordability over the bustle of city centers across the country. However, moderating home prices and growing inventory is giving potential buyers more options closer to downtown Houston if they would want to be in the heart of the city.” 
 
The report also looked at the hottest luxury communities in the Houston area where homes are priced over $1 million. All the top luxury communities are located west or southwest of downtown Houston. The River Oaks Shopping Area was the most active luxury community in the first quarter of 2023. The average home price there was $1,016,719.
For HAR’s full list of Houston’s Hottest Communities for Q1 2023, click HERE.