The Woodlands Edition | July 2024

Real estate

BY VANESSA HOLT

Home Edition

2024

Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends and new developments unique to your neighborhood to an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. In this edition, we look at the eœects of short-term rental growth on the housing market in The Woodlands area. We also break down where new apartment complexes are being built in the region, with a focus on luxury multifamily developments planned in The Woodlands. I hope you Ÿnd our annual Home Edition useful and informative.

Premium sponsor:

Nicole Preston General Manager npreston@ communityimpact.com

Howard Hughes www.TheWoodlands.com 281.719.6100

Howard Hughes is celebrating The Woodlands 50th Anniversary – a remarkable journey of vision, innovation and excellence, and promising future.

What's inside

Luxury multifamily projects on the rise (Page 27)

$13M estate on the market in Carlton Woods (Page 28)

Monthly home sales down in ˆve ZIP codes (Page 33)

Home prices above $300K trending upward in The Woodlands

Almost 90% of home listings in The Woodlands were priced at $300,000 or above as of 2023, the most recent information available, according to multiple listing service housing activity tracked by Texas A&M University’s Texas Real Estate Center. Homes priced above $1 million increased from about 4.6% of listings in 2019 to nearly 14% of listings as of 2023. Local Realtor Diane Kink, founder of The Kink Team, said this re‹ects the relative aŒordability of houses in Texas, as the higher-priced homes in The Woodlands are still priced below comparable homes in other markets. “[The Woodlands has] a desirable price point compared to other states, so that is driving our price up,” Kink said. Inventory for $1 million-plus homes is typically low in the region, she said. “I have to think and believe since we went through a three-year period with COVID[-19], a lot of clients made the decision, ‘Why wait to get the home of our dreams?’” Kink said. Diving in deeper The Woodlands has a higher percentage of high-priced homes compared to the metropolitan

Home listing prices in The Woodlands 20192023*

$0-$299K $300-$399K

$400-$499K

$500-$749K

$750-$999K

$1M+

2023 2022 2021 2020 2019

0%

10%

20%

30%

40%

50%

60%

70% 80%

90% 100%

SOURCE: TEXAS A&M UNIVERSITY TEXAS REAL ESTATE CENTER COMMUNITY IMPACT

*BASED ON LISTINGS WITH MULTIPLE LISTING SERVICES

area of Houston-Pasadena-The Woodlands, according to data from Texas A&M University. In the Greater Houston metropolitan region, homes listed for $1 million and higher comprised 3.57% of the market in 2023, up from 1.89% in 2019. Across the Greater Houston region studied by Texas A&M, in 2023, a total of 60.2% of home listings were $300,000 or higher, up from 33.78% of home listings in 2019. However, in The Wood- lands, the increase in housing activity among homes priced at $300,000 and above increased from 63.52% to 89.98% of listings.

Major takeaways As home listings above $300,000 dominate the market in The Woodlands and the surrounding area, lower-priced homes are increasingly scarce, Kink said. “To ¡nd a home under $400,000 is extremely challenging,” she said. Despite the higher prices, home sizes are not necessarily larger, she said. “People are downsizing to get something smaller and keep a footprint here but have a home in a beach or mountain town,” Kink said.

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THE WOODLANDS EDITION

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