Although Houston is constantly highlighted for having extremely affordable housing compared to the rest of the country, it is also home to some of the wealthiest neighborhoods in the nation. Paige Martin, from the Houston Properties Team with Keller Williams, highlighted the 20 most expensive neighborhoods throughout the city.
To provide an updated list of the most exclusive neighborhoods, HoustonProperties.com reviewed over 400,000 home sales of 20 Houston neighborhoods.
A lot of the top neighborhoods that made the top 20 were top performers in land value and real estate appreciation. They also tend to have better schools and nearly Houston’s major jobs and entertainment hubs. Also, despite the impact of Hurricane Harvey last fall, the rankings remain virtually unchanged.
Here are the top five neighborhoods.
The wealthiest area in Texas by per capita income, Piney Point is known for its luxurious lifestyle. The median home sale price is $2.72 million in 2018 with an 82 percent 10-year appreciation rate. The median home sale price is an increase of over $500,000 from 2017. Median land value was $46 per square foot, which is lower than 2017’s rate of $60.
Also known as one the most expensive neighborhoods, River Oak placed second. The average median sales price is slightly lower than Piney Point, with an average of $2.37 million in 2018. Compared to last year, this is an increase from the median sales price of $1.95 million. The median land value per square foot was $108 — a decrease from nearly $150 in 2017. However, homes in River Oaks saw a 10-year appreciation rate of 90 percent.
Located in the Inner Loop, Avalon Place saw significant improvements. The median sales price in 2018 was $2.97 million — nearly double the median price from 2017’s $1.46 million. The median land value was $146 per square foot, an increase of $50 compared to 2017. Also, property values increased by 169 percent over the last 10 years.
While this neighborhood saw minimal changes, Hunters Creek placed fourth in the top five Houston neighborhoods. The median home sale price is $2.22 million, an increase from the $1.9 million in 2017. However, the median sales price per square foot decreased from $391 to $341. The decrease also followed median land value per square foot, dropping from $57 to $52 in 2018.
Rounding out the top five, the neighborhood of Crestwood also saw minimal changes. Median sales prices for homes in 2018 is $1.98 million — an increase of about $200,000 from 2018. Median sales price per square foot, however, decreased from $388 to $377. However, Crestwood saw the lowest 10-year appreciation rate of 32 percent. No data was available for median land value per square foot.
|Neighborhood||Median Home Sale Price||Median Sale Price / Sq Ft||Land Value / Sq Ft||10-Year Appreciation|
|Memorial Close In||$1,900,000||$360||$34||38%|
Credit: Houston Agent Magazine
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