Towering oaks

For years, the Heights has been one of the most popular hubs for young professionals, couples and families alike. Heights-adjacent neighborhoods like Timbergrove, Cottage Grove, Shepherd Park Plaza, Garden Oaks and Oak Forest have been steadily rising in popularity — and cost — over the past decade, too; in fact, Garden Oaks will soon become the latest area to hit the milestone of a $1 million average sales price. Over the first five months of 2023, homes here sold for an average of $996K, up by more than 23 percent year-over-year — the highest rate of growth in all of Houston. And while the number of transactions is down in Garden Oaks, as is the case in most H-Town neighborhoods so far this year, homes are selling just as quickly as they did in 2022.

AMONG THE PRICEY neighborhoods in Houston, Tanglewood is easily one of the hottest markets. So far this year, homes here are selling 9 percent faster compared to the same timeframe in 2022 — and prices are way, way up. The average sales price in January through May of last year was $1.9 mil, whereas in 2023, that figure has jumped up to more than $2.3 mil. In most of the other ritzy enclaves — Memorial, West U — prices are flatter, and properties are taking longer to sell.

BY THE NUMBERS

GIVEN THE SKY-HIGH interest rates, many potential homeowners feel priced-out of buying a single-family home. But the new “build-to-rent” trend caters to those who want a suburban lifestyle without a mortgage or maintenance responsibilities. Communities of new-construction homes are popping up — many built around “lagoons,” or massive pools with sandy beaches — in