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Bayou Business Download: Signs Houston's Housing Market is Stabilizing

Published May 31, 2023 by Brina Morales


Housing in Houston

In this episode of Bayou Business Download, we're talking about the housing market. Partnership Chief Economist Patrick Jankowski digs into the data to explain the signs pointing toward a stabilizing market and what that means for buyers, sellers and renters.

 

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Fifth Third Bank

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Real Estate

New Residential Developments Rising in Houston

4/19/24
As Houston’s housing market is beginning to show signs of improvement, many new residential developments are starting to take shape across the region.   According to the Greater Houston Partnership’s Monthly Home Sales Update, inventory is approaching pre-pandemic levels with 39,757 homes listed last month, nearly double last year’s 20,620. Here is a roundup of developments rising in the region.   West Houston  Click to expand Chaucer  A 12-story midrise condominium tower is planned in Rice Village, with construction slated to begin this September. The 30-home community will feature seven standard floor plans and five penthouse plans.  Grange  Grange, a 1,150-acre community, recently broke ground in Katy. Located off Morton Road and FM 2855, Grange will offer 2,400 homes and feature waterways and green spaces. The first phase of development is expected to be completed by 2025.  Click to expand The Madison  The Madison, a seven-story, 35-unit condominium, is set to break ground this year in Montrose. Expected to be completed in 2026, the development will feature a two-story parking garage, a fitness center and a game room area.  North Houston  Colton  Colton, a 5,700-acre community located in Montgomery County, is expected to bring nearly 11,000 homes to the area. According to the Houston Business Journal, 600 lots are slated to be delivered by this October, while home sales are expected to begin in 2025.   Oakberry Trails  Construction recently began on a 212-acre, 800-home master-planned community in Waller County dubbed Oakberry Trails. The community will include outdoor amenities such as a fishing pond, event pavilion and a gaming center. Homes will be available for sale this summer.   Click to expand The Everstead  The Everstead, a 23.5-acre development, recently broke ground in Conroe. The community will offer 190 units, consisting of a mix of two- and three-bedroom ranch-style homes and townhomes. Expected to be completed in 2025, The Everstead will feature a 2,817-square-foot clubhouse, resort-style pool, dog park, playground and pickleball and bocce courts.   Click to expand The Sylvan  A 22-acre, 300-unit community, The Sylvan, recently broke ground in The Woodlands. The single-family community will feature modern amenities such as seating areas, fire pits and dining spaces, a pool, yoga studio, spa and sauna. A portion of the units will be completed in 2025.   South Houston  Click to expand Indigo  Indigo, a 235-acre master-planned community located in Fort Bend County, is projected to start home construction this month, with home sales expected to start in May. At full buildout, the community will bring 650 homes and 150 apartments to the area by 2026. Indigo will feature a 12-acre town center with a cafe and grocery store, a 42-acre community farm, lake and walking trails.  Legacy A 705-acre master-planned community, Legacy, recently broke ground in League City. At full buildout, Legacy will offer 1,600 homesites, with the first set of homes scheduled to be delivered in 2025. The community will feature parks, play areas, a recreation center, lakes and walking trails.  Galveston Roseate Beach  Construction is expected to begin soon on Roseate Beach, a 160-home beachfront community, located on Galveston’s West Beach. The 70-acre upscale development will offer premium amenities such as a resort-style pool and various pickleball courts. Slated for completion in 2025, homebuyers can now reserve future lots.   Click to expand Tiara on the Beach  Tiara on the Beach, a luxury 10-story condominium, will start construction this summer on Galveston Island. The 63-unit tower will offer waterfront views alongside community amenities, including a pool, outdoor grilling area, yoga studio, pickleball courts, golf simulator and a cigar and wine tasting lounge.  Discover more about living in Houston. 
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Economic Development

Rising in Houston: Projects to Look Forward to in 2024 and Beyond

4/8/24
Houston experienced significant economic resilience and growth amidst looming concerns of a recession. Despite slowdowns across sectors, the Bayou City continued to create jobs, adding 53,700 in the first 10 months of ’23, according to the Partnership’s Houston Region Economic Outlook report. While the real estate market faced challenges, the greater Houston region saw many dynamic projects come to life, including the opening of Helix Park, the Texas Medical Center’s first phase of its new 37-acre campus.  Looking ahead, here are a few developments that will impact Houston’s economy in 2024.  Arco Del Tiempo Serving as the centerpiece in Houston’s East End Guadalupe Plaza Park, Arco Del Tiempo is a new environmentally sustainable art installation aiming to advance the region’s transition to an energy abundant future. Standing at a 100-feet tall, Arco Del Tiempo will not only generate power for the nearby City-owned Latino multicultural performing arts theater, Talento Bilingüe de Houston, but it also will offer a gathering space for the community. Arco Del Tiempo is set to be installed in 2024.  Click to expand Austin Point Austin Point is a first-of-its-kind 4,700-acre master-planned town that will feature 1,600 acres of mixed-use commercial development space and a walkable downtown area with hospitals, life sciences labs and corporate headquarters. The first phase of the development will include The 1824, a central park and community center with a café, wine bar, large front porch, an event lawn, children's play area, beer garden, food truck court, walking trails and a dedicated space for outdoor fitness activities and games.   Autry Park Spanning 14-acres in Montrose, Autry Park is an urban village designed to increase connectivity and walkability to food, entertainment, retail and living in the area. The project's first phase includes two apartment buildings, Hanover Autry Park, a 24-story apartment tower with 324 units, and Hanover Parkview, an eight-story mid-rise with 421 units, both have already opened. Phase two is projected to open at the end of 2024 with additional commercial tenants and retail space. BioHub II at Generation Park Generation Park, Northeast Houston’s massive commercial development, is set to open its new state-of-the-art, 45-acre biomanufacturing hub – BioHub II this year. The new master-planned campus will include 500,000 square feet for cGMP manufacturing, lab and office space and house the biomanufacturing workforce institute that will offer certificate coursework in bioprocessing to students, further expanding the region’s life sciences ecosystem and workforce.  Click to expand East Blocks  A redevelopment project led by Houston-based Pagewood and Wile Interests aims to transform former warehouses in EaDo into a walkable 10-block mixed-use district. East Blocks is expected to break ground in the second quarter of 2024 and will encompass 513,000 square feet southwest of Shell Energy Stadium. Phase one will include a unique blend of restaurants, shops, office and green space and will include existing tenants 8th Wonder Brewery and Pitch 25, while phase two will focus on additional retail and restaurant space. The Allen The Allen, a sophisticated new mixed-use development is currently underway in Houston’s Allen Parkway corridor. The first phase, The Residences at The Allen, includes the development of a $290 million, 35-story skyscraper that towers over Buffalo Bayou Park. The stylish new building offers luxury condos, high-rise penthouses and a sleek 170-room Hotel – the Thompson, which opened earlier this year. Phase II of The Allen is anticipated to break ground in early 2024 and will include more retail and restaurant space and luxury multi-family living.  Click to expand The Commons at Hermann Park Hermann Park is changing the game for green spaces in the Houston area with its new groundbreaking 26-acre development – The Commons. Slated to open to the public this week, The Commons aims to revolutionize the beloved park with a unique collection of play areas, including an immersive space-themed area and a life-sized carousel. The commons also features many new gathering spaces including a Central Lawn and the Live Oak Terrace.  The Houston Astros Entertainment District  The Houston Astros expect to break ground on a new entertainment district adjacent to Minute Maid Park in Nov. 2024 The district will feature a 17-story hotel, 60,000 square feet of retail space for restaurants and shops and a three-level gathering area for fans to watch Astros games and other major sporting events on a massive outdoor screen. The venue will also host live music performances. The Grand at 249 Situated at the corner of the Grand Parkway-Highway 249 intersection, the groundbreaking 65-acre retail center dubbed The Grand at 249 will span 404,256 square feet in Tomball, making it the largest retail concentration within Houston's northwest submarket. Slated for completion in 2025, The Grand at 249 will boast 12 pad sites and include tenants such as AT&T, Boomer Jack's, Gringo's, Jersey Mike's, Milano Nails and Two Pho Nine Asian Fusion.   Learn more about why businesses are choosing Houston and what it means to live, work and play in the Bayou City. 
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