By: d-mars.com
News Provider
Over the past year, this upscale community has experienced a significant decline in housing prices and sales, leaving both homeowners and buyers wondering what lies ahead. In this article, we will delve into the factors behind this decline, examining everything from the impact of COVID-19 to changing buyer preferences.
By exploring the trends and data, we aim to provide you with valuable insights and a deeper understanding of the market dynamics. Whether you are a homeowner looking to sell or a prospective buyer seeking a great deal, this analysis will equip you with the knowledge necessary to make informed decisions.
According to data provided by The Brashear Group, Martha Turner Sotheby’s International Realty, home prices in most of The Woodlands-area community have experienced a year-over-year drop, and there has been a decline in the number of homes sold.
The average home price for the community went down from $390,395 between June 2021 and May 2022 to $353,315 between June 2022 and May 2023. Among the seven area ZIP codes analyzed, only ZIP code 77389 witnessed a 2.1% increase in home prices, while ZIP code 77380 recorded the largest decrease of 24.9%.
The Woodlands area experienced a decline in the number of homes sold from June 2021 to May 2022, with a total of 8,844 homes sold. This number dropped further to 57,515 homes sold from June 2022 to May 2023. Among the zip codes in the area, only 77385 saw an increase in homes sold, while the largest percentage decrease was observed in 77389.
The average duration for homes to be on the market increased from 29.4 days in June 2021-May 2022 to 42.9 days in June 2022-May 2023, representing a year-over-year rise.
