Neighborhoods in Northwest Houston continue to boom despite the dismal energy industry slump. In November, single family home sales were up nearly 23% compared with a year ago. That’s the largest monthly increase in years!
Wildwood at Northpointe, Woodtrace Community, The Reserve at Spring Lakes, Bridgeland, and Miramesa are just a few of the communities experiencing robust growth. Others include NorthGrove at Spring Creek and Young Ranch.
Featured Image: The Kathryn, Wildwood at Northpointe by M/I Homes
“We had a population explosion with the Exxon Mobil effect,” Kelly Violette, president of the Tomball Economic Development Corp, told The Houston Chronicle. “Two [additional] developers are looking at Tomball, inside the city limits, for potential developments. They are not massive communities, but they are pretty substantial communities. They are in the feasibility stage right now.”
The newly opened Grand Parkway section connecting Katy to Cypress to Tomball and The Woodlands has also boosted the appeal of the area. Now it’s a convenient drive to many high-profile business campuses, including Baker Hughes, Southwestern Energy, Exxon Mobil, and Noble Energy.
Last month Northwest Houston buyers purchased 5,706 homes at an average of $222K, an 8.3% spike from November 2015. Sales were down for homes marked $150K or lower, but up for homes priced between $150K and $500K. While high-end homes priced over $500K naturally sell a bit slower, the luxury market still enjoyed their first increase in years.
With 2,700 homes either built or under construction, Brideland is slated to contain approximately 20,000 homes. Right next door, Miramesa is the newest addition to Canyon Lakes West, which is located in an 1800-acre master planned community in Cypress.