Around the country there have been signs of a bottom in the real estate market as sales finally begin to pick up. While prices remain well below the market's high and many homes still languish, in some Zip Codes listing prices are actually on the rise. BusinessWeek, in conjunction with Altos Research, looked at the nation's biggest metros to see where prices are up. For the most part, these were in affluent communities, such as Houston's River Oaks neighborhood, which came in No. 1, that have been less hurt by the economic downturn.
Editor's Note: One Zip Code was chosen for each metro area. The ranking was based on the annual increase in the average listing price for the chosen Zips. The asking price is based on a 90-day rolling median average ending Mar. 20. The "days on the market" figure indicates how long the average listing has been for sale.
Best Zip: 77019
Location: Houston (River Oaks neighborhood)
Metro: Houston-Sugarland-Baytown, Tex.
Annual listing price change: +14%
Average listing price: $1.1 million
Days on the market: 177 days
Houston's River Oaks community, one of the wealthiest in the nation, has seen an increase in the average listing price for a home largely because the mix of properties for sale has shifted to the higher end as those properties are taking longer to sell. Houston's economy has been one of the nation's strongest, but with the decline of oil prices and consumer spending, the once-strong housing market is also slowing.
As a resident of River Oaks, real estate agent Don Puryear and his Houston real estate team are uniquely positioned to help you buy or sell your home in River Oaks. Call Don at 713-302-6543 or email for your River Oaks real estate needs.
