The Woodlands, TX real estate market report is an overview of the local real estate market in the area and nearby locations. Please read the details below to give you the best insight for your well-informed decision later on.
The Woodlands, Texas is an award-winning master planned community with 27 neighborhoods that offers both the comforts of modern life and the serenity of nature. Its more than 117,000 residents enjoy the luxury of having a plethora of culinary and entertainment venues in a setting surrounded by forested nature preserves and hiking trails. Founded as a nature-centric alternative to the more urban communities in and around Houston, The Woodlands is home to 7 championship golf courses, 147 neighborhood parks, 220 miles of pathways, 7,665 acres of open green space, and 200-acre Lake Woodlands.
The Woodlands ranks 2nd in Niche’s list of Best Cities to Raise a Family in America, 3rd in its list of 2019 Best Cities to Buy a House in America, and 7th in its list of Best City to Live in USA. Niche is a site that ranks communities and amenities across the nation based on data and feedback from several sources, including the U.S. Census Bureau, crime analysis statistics, housing studies, amenities, and online surveys.
History and Governance of The Woodlands
The Woodlands was founded in 1974 by community planner and developer George Mitchell who worked with several influential city and urban planners with his wife, Cynthia, to bring this wonderful community to fruition. Some of these reputable personalities include famed University of Pennsylvania scholar Ian McHarg and Robert Heineman, a graduate of Rice University and Harvard University’s School of Design. The 28,000-acre community is governed by an elected seven-member Board of Directors who oversee more than 430 employees. The community is also part of The Woodlands Land Development Company, which is a subsidiary of the Howard Hughes Corp.
Lifestyle in The Woodlands, Texas
Some of the best neighborhoods in or around The Woodlands, Texas are Alden Bridge, Creekside Park, and Sterling Ridge. The city takes pride in having some of the highest-rated schools and school districts in the region, including Conroe ISD, Tomball ISD, and Magnolia ISD, as well as 10 private schools and 50 preschools.
There are approximately 2,200 businesses in The Woodlands, from start-ups to major international corporations. In its borders alone, there are about 68,000 people employed in The Woodlands. Some of the prominent employers in the area include Anadarko Petroleum Co., Exxon Mobil Corp., Huntsman Corp., and MD Anderson Cancer Center. In terms of retail, there is The Woodlands Mall and Market Street-The Woodlands.
Numerous national and local events are held in The Woodlands throughout the year, from major concerts to family-friendly festivals. Some of the top events in the city include the IRONMAN North American Championship, Insperity PGA Champions Tour Invitational, The Woodlands Marathon, The Woodlands Triathlon, and The Woodlands Waterway Arts Festival.
The Woodlands, TX Housing Market
From the periods June 2017-May 2018 and June 2018-May 2019, the number of homes sold were almost the same, increasing from 4,318 to 4,331. As of August 2019, there are 4,220 homes for sale in The Woodlands, ranging from $10,800 to $14 million. The median list price of homes is $349,900, up by 3.2% year-over-year. The median listing price per square foot is $129. Sale-to-list price ratio is 98.28%. On average, homes in The Woodlands sold for 1.72% below asking price. Median days on market was 63 days, meaning, homes were sold after 63 days on the market on average.
Factors Affecting the Real Estate Market in The Woodlands, Texas
Overall, this location has a healthy and positive real estate market, thanks to a few factors, including:
- Thriving economy
- Job growth
- Low unemployment
- Stable oil prices
- Positive consumer confidence
- Corporate relocation)
- Healthy selection
- Low mortgage rates
Is The Woodlands a Buyer or Seller’s Market?
The housing real estate market in The Woodlands, Texas is a seller’s market. This means that there are more buyers than the number of active homes for sale. As the term connotes, a seller’s market is generally more advantageous for sellers than the buyers. More specifically, this location is a seller’s market below $900,000, and even more competitive for homebuyers below $500,000. So, buyers need to move fast once they find the property that they want.
In August 2019, there were 4,220 homes for sale in The Woodlands. Out of these properties, 228 were newly listed within the last week. In addition, there were 870 rentals, with a range of $600 to $15,000 per month.
2019 Real Estate Trends in The Woodlands
1. New Homes Will Be Built and Occupied in South Montgomery County
With the establishment of the Grand Parkway and the presence of undeveloped land east of The Woodlands, South Montgomery County is predicted to have more new homes built and occupied through the 2020s.
2. Potential Redevelopment Due to Aging Homes
As this community has been founded in 1974, some properties are now 45 years old, and there is an increasing number of homeowners and new buyers in The Woodlands who are looking to redevelop or rebuild these houses.
3. Multifamily Complexes Springing in Shenandoah
There are three planned multifamily projects which are under development in Shenandoah, and potentially adding 1,000 new living spaces to the city. Currently, there are over 2,700 residents occupying approximately 1,300 housing units.
4. Empty Nesters Are Downsizing to Low-Maintenance Luxury Townhomes
The $65 million Waterway Landing project in East Shore which is still under construction is projected to be completed by 2020. The target demographic of these 59 townhomes are mostly empty nesters who are looking to have a simpler lifestyle and downsize from their large homes to these townhomes which require less maintenance. The prices of these properties start at $800,000.
5. Affordable Housing in The Woodlands is in High Demand
Lower-cost houses are very much in demand in The Woodlands, Texas, according to regional housing experts. Since 2015, the average market value of a home in The Woodlands Township has remained at around $400,000. Supply is lower relative to demand, though, which is why this area is currently a seller’s market.
If you are in the market to buy a house, I will gladly help you find the perfect home for you and your family. Give me a call at 281-701-5117 or send me an email at [email protected] to schedule an appointment.