Developed in 1911, Montrose is one of Houston’s more eclectic neighborhoods. It is a four square mile area with such diversity. From tattoo parlors to coffee shops and museums there is something for everyone to enjoy.. Most days you see people walking around the town enjoying the weather. All the shops are in walking distance from each other which makes for a great weekend shopping adventure.
Montrose is often referred to as the heart of Houston as well as being named of the top ten greatest neighborhoods in America in 2009. With its streets lined with trees to make for beautiful it also has a mixture of renovated mansions, bungalows and cottages. Since the 1990s, it has became gentrified with a trend of new homes, higher rent, fancy boutiques restaurants.
Housing Information via Har.com
4 Interesting Montrose Real Estate Market Trends
- Montrose enjoys a 10-year steady real estate appreciation. At present, the median sales price of Montrose homes for sale is at $581,709. Compared to its 2005 value of $315,800, there’s an impressive 84% appreciation in just a span of 10 years. The 5-year and 1-year price change also shows 41% and 17% increase, respectively. These numbers show the stability of the Montrose real estate market.
- Price per square foot increased by 50% since 2005. In 2005, the average price per square foot of Montrose homes for sale has a value of $167. After ten strong years, the price per square foot increased by 50% at $251.
- Montrose has a strong real estate presence. Despite having a wide variety of homes for sale including single family homes, condos, and town-homes; Montrose posts strong sales. The prices of homes depend on a number of factors such as age, location, and size of the property. Like other real estate markets, older single family homes are cheaper when compared to newly built town-homes and renovated 1920’s mansions.
- Montrose homes for sale have tight inventories. From 2013 to 2014, Montrose homes sold dwindled from 264 to 189, with properties spending an average of 12 days or less than a week on the listings. Some properties don’t even get to the listings, as they are bought even before project completion.
photo credit: texasrealtysales.com