Conroe - Montgomery Edition - July 2022

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2022 REAL ESTATE EDITION

Year-over-year data from the Houston Association of Realtors shows median home sales prices rising in the Conroe- Montgomery-Willis area at a greater rate than rent prices. Seller’s market

third-most homes purchased, respec- tively. MCAD data shows all homes purchased in these ZIP codes were appraised below $300,000 in 2022. MLS data showed single-fam- ily monthly rent prices in the

according to MCAD data. Qiao said build-to-rent communi- ties targeted people who “had high standards of living,” pointing out Wan Bridge homes oering ameni- ties of traditional homes as well as

services such as lawn care and maintenance. “In the past, people who had high standards of living had very few choices other than pur- chasing a home,” Qiao said. “Wan Bridge truly believes you

Conroe-Montgom- ery-Willis area never increased above $2,663 from May 2018 to May 2022 and increased about 9% over that time. Median home sales prices increased 36% during the same time period. Holland esti- mated a Conroe and

MEDIAN SALES PRICES FOR LOCAL SINGLEFAMILY HOMES

$400K

$100K

$200K

$300K

"In the past, people who had high standards of living had very few choices other than purchasing a home." TING QIAO, CEO OF WAN BRIDGE

MAY 2018: $250,000

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don’t have to own to call it home.” Long-term impacts Kriegel said while real estate rms are pivoting toward build-to- rent communities, local govern- ment ocials in the Houston area have implemented regulations that could make the communities less attractive to developers, such as lot size control. However, Kriegel said developers will usually nd “loop- holes’’ in city ordinances or will move outside their jurisdiction to avoid restrictions. “We look at the restrictions that they put in place, and there’s always ways for people to get building plans approved,” Kriegel said. “There needs to be some common ground between city ocials and investors to make sure that what they’re building matches the absorption rate and what the market will demand.” The city of Conroe voted May 26 to increase its minimum lot width size for a subdivision from 40 feet in width to 50 feet. Holland said larger lots could lead to higher price points—which are less favorable for developers—which in turn could hold both cities and developers “more accountable” for how they structure developments. “It’s hard. You want growth; you want development; and you want a good price for the city of Conroe, but it’s also the city’s responsibility to be attractive, to bring higher-pay- ing jobs so people can aord to live here,” Holland said.

Montgomery home purchased for $300,000 at a 5.75% mortgage interest rate and a 5% down payment would have monthly mortgage payments of $2,667.56, including a $2.72 per $100 valuation tax rate and insurance. “This becomes a great opportunity for an investor because they can buy 10 or 15 homes in an area and provide housing because they know it would be out of [buyers’] reach otherwise,” Holland said. Rise in communities for rent Charlie Kriegel, who partners with rms including Wan Bridge and Tricon Residential for the Houston property adviser rm Winhill Advisors-Kirby, said his clients see build-to-rent as a “windfall” for a return on investment. “[Build-to-rent] allows investors to control cost [and] absorption rate, so it’s going to be the fastest-grow- ing segment for the next ve years,” Kriegel said. HAR data released June 15 showed new single-family rental listings in the Houston area increased 28.6% from May 2021 to May 2022. Evange- lou said institutional buyers focusing on rental properties are contributing to surging rentals. “They create more rental housing, so even if rents rise, there is more supply,” Evangelou said. “With rising mortgage rates, it gives more options for people.” An April study conducted by researchers at the University of Cal- ifornia at Berkeley found rms such as Tricon had invested millions of dollars as of the fourth quarter of 2021 in developing U.S. homes spe- cically for rent. The company owns 231 homes in Montgomery County and 93 in Conroe and Montgomery,

MAY 2022: $340,805 +36.32%

MEDIAN RENT PRICES FOR LOCAL SINGLEFAMILY RENTALS

$1K

$2K

$3K

$4K

MAY 2018: $2,150

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Jerry Coker 713-224-3426 ¡Hablamos Españo

Jerry Coker 713-224-3426 ¡Hablamos Español! Limitations apply. See geico.com for more details. GEICO & affiliates. 20076. GEICO Gecko image © 1999-2022. © 2022 GEICO. 21_63331212 Limitations apply. See geico.com for more details. DC 20076. GEICO Gecko image © 1999-2022. Jerry Coker 713-224-3426 ¡Hablamos Español! apply. See geico.com for more details. GEICO & affiliates. Washington 20076. GEICO Gecko image © 1999-2022. © 2022 GEICO. 21_633312129 Jerry Coker 713-224-3426 ¡Hablamos Español! See geico.com for more details. GEICO & affiliates. GEICO Gecko image © 1999-2022. © 2022 GEICO. Jerry Coker 713-224-3426 ¡Hablamos Español! apply. See geico.com for more details. GEICO & GEICO Gecko image © 1999-2022. © 2022 GEICO. Limitations apply. See geico.com for more details. GEICO & affiliates. Washington, DC 20076. GEICO Gecko image 1999- 2022. 2022 GEICO. 21_633312129 more details. GEICO & affiliates. Washington, 1999-2022. © 2022 GEICO. 21_633312129 more details. GEICO & affiliates. Washington, 1999-2022. © 2022 GEICO. 21_633312129

Jerry Coker 713-224-3426 ¡Hablamos Español! Coker 713-224-3426 ¡Hablamos Español!

MAY 2022: $2,350 +9.3%

For more information, visit communityimpact.com .

SOURCES: HOUSTON ASSOCIATION OF REALTORS, HOLLAND HOME GROUP COMMUNITY IMPACT NEWSPAPER

CONROE MONTGOMERY EDITION • JULY 2022