2022 Real Estate in Review
It’s hard to believe that 2023 is already here. Looking back on the past year, several things stand out. From the homes to the broken records, here are some highlights from 2022.
Real Estate Stats
Although these are not the only records smashed in 2022, these stood out the most:
Average and Median Price Records
Earlier in the year, Houston real estate broke records in ways that shocked sellers, buyers, and even seasoned real estate professionals. The market was in a buying frenzy that often resulted in bidding wars, and sellers of in-demand homes knew that they could afford to set prices higher without detracting too much from sales. In June 2022, the median price of a single-family Houston home reached $354,000, the highest value in its history. The month before, the average price of a single-family home hit a record $438,301.
All-Time Low Inventory Levels
Low inventory was a challenge throughout 2022, but an inventory crunch in March made buying a home particularly challenging. With inventory at a paltry 1.3 months supply, REALTORS® expressed concerns about how the market could continue to thrive without an influx of new homes. After all, buyers can’t purchase homes that aren’t for sale. Luckily, buyers have far more options now than they did in March as inventory has increased.
Real Estate Trends
If you’re like most people, you probably felt a bit cooped up after the first couple years of the pandemic. Life changed dramatically for a lot of people, and that led to a number of changes in what buyers were looking for.
Remote work was here to stay in 2022, and many people realized that operating out of bedrooms and kitchens was simply not sustainable. As a result, numerous prospective buyers asked about home office spaces. To accommodate the demand, some sellers got creative by converting areas like large closets into cozy spots to work. Although you might expect that the drive for employees to return to the office would decrease demand for at-home workspaces, current research suggests that only 6% of workers want to work on-site 100% of the time. Many buyers have been able to negotiate hybrid work situations that still require dedicated home offices.
In 2022, the backyard became a true extension of the home, especially in cases where individuals spent a significant amount of time sharing spaces with others. Many buyers wanted a place to go to safely hang out with friends or spend time outdoors with privacy. Barbecue pits, pools, fenced-in yards, and covered backyard patios made many buyers’ wish lists.
This past year, I have had the pleasure of viewing so many beautiful homes that it is impossible to list them all here. However, I wanted to mention a handful of them. Who knows – maybe you have seen one of them on your adventures around town!
This community features more than 40 newly-constructed homes built by award-winning builder J.G. Hollins Builders. The new neighborhood is situated on James Franklin Street, and the homes there were in high demand this year. Of course, everyone loves to be the first to move in to a brand-new home, but this community is special.
First, the construction is impeccable. Each home at Acres Place features a gorgeous brick or stone façade, plus high-quality HardiePlank® siding. The roofs come equipped with 30-year guarantees, and every property provides a fenced-in backyard. These homes are built on lots that are typically larger than the ones found in the Inner Loop, yet they’re still situated well within reasonable traveling distance of major Houston neighborhoods.
Currently Listed at $335,000, 8114 James Franklin Street is a spacious two-story near-town home with one first-floor bedroom and two upstairs bedrooms. Enjoy 2,084 square feet of living, a 2-car garage, 2.5 bathrooms, a large backyard, and high-quality finishes.
Distinctive floor plans allow buyers to choose the right property for their unique needs. The Rayan, for example, includes a bedroom on the first floor, and the Darian features single-floor living. Since Acres Place is located in an up-and-coming neighborhood, homes are often more affordable than in other communities. In 2022, some of these homes took just days to sell after listing!
Luxury in the Heights
It’s no secret that the Heights is loaded with magnificent homes. This past year, I had the opportunity to work with sellers on some real standouts in the Heights luxury market.
1639 Arlington Street
1639 Arlington Street is a 4,347-square foot 4-bedroom, 3.5-bath Georgian Revival that sold in November. Everything about this home says “stunning,” from the antique double-front doors to the family room walled with windows that give those inside a view of a fantastic bricked courtyard with a fountain.
521 West 13th Street
This home is beloved for its historic beauty and sold in April. It features 2,519 square feet of space including 4 bedrooms and 3 full bathrooms. This property was truly a rare find as two bedrooms were situated on the first floor. In addition, the upstairs featured an open area that offered a lot of potential as a play area or office space. The sun-soaked kitchen offered luxury with a wine fridge, large island, built-in storage, quartz countertops, Thermador appliances, and designer lighting and fixtures.
602 East 21st Street
602 East 21st Street is a real stunner in the Heights. Highlights included 4,630 square feet of space, 5 bedrooms, 4.5 bathrooms, and thoughtful beauty. Gleaming hardwoods, detailed trim, and luxurious lighting were just a few things that wowed prospective homebuyers. The first floor offers two living areas, a formal dining room, and a well-equipped open-concept kitchen with amenities including a wine fridge and pantry. The first-floor primary suite was a true treat to show with its two walk-in closets and bathroom with a soaking tub, designer tile work, and marble floor. Additionally, this home is a fabulous location for entertaining both indoors and outdoors on the oversized corner lot.
What will 2023 bring to real estate? We will have to wait to find out. In the meantime, I hope you have a happy and healthy New Year!