May 7, 2024 - Real Estate

🏡 Houston's hottest ZIP codes

Table showing the ZIP codes in the Houston metro area with the greatest home appreciation in the past year. The ZIP code with the greatest change from March 2023 to March 2024 is 77381 in Montgomery County with a typical home value of $524288 and a year-over-year change of +8.1%.
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

Two ZIP codes in Montgomery County had some of the Houston metro's highest jumps in typical home values compared with a year ago, per Zillow data shared with Axios.

Why it matters: Fewer homes on the market kept prices growing in most areas, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.

The big picture: Typical home values rose annually in nearly all major U.S. metros, including Houston, Olsen found.

  • In March, the average price of a single-family home throughout the Greater Houston area rose 1.3% year over year to $412,464, and the median price increased 1.6% year over year to $330,000, according to the Houston Association of Realtors.

Zoom in: ZIP codes 77381 and 77382 in The Woodlands saw an 8% rise in typical home values since March 2023, as did 77079 in the Memorial area near the Energy Corridor.

  • 77031 in southwest Houston near Fondren and 77479 in Sugar Land saw a 7% increase.

Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive, houses.

Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.

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