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RECON for November 12, 2021RECON for November 12, 20212021-11-12T06:00:00Z2021-11-12T06:00:00Z
A recent​ moveBuddha study mapped which university city homebuyers will pay either more​ or less for homes located near a Division I football stadium. Which two Texas colleges topped the list? Keep reading today's RECON for the full story. (Image of Rice University and the Southgate neighborhood from Center files.)
November 12, 2021

In the Red Zone: Rice, SMU fans pay more for houses near stadiums

ATHENS, Ga. (moveBuddha) – A recent​ moveBuddha study mapped which university city homebuyers will pay either more​ or less for homes located near a Division I football stadium. 

Rice University in Houston ranked first for the highest increase in home value near their stadium. ​Houses near Rice Stadium are on average $459,733 more expensive than the average city home value. ​

Rice is in the third richest neighborhood in Houston, right ​near the Texas Medical Center and Museum District. 

​Southern Methodist University ranked fourth in highest increase in home value near the stadium. Homes near Gerald J. Ford Stadium are on average $189,500 more expensive than the average Dallas home.

Like Rice, SMU is in an expensive area: Dallas' University Park. 

Homes near Kyle Field (Texas A&M University, College Station) and Darrell K Royal–Texas Memorial Stadium (University of Texas, Austin) were both less than $50,000 cheaper than the city average.

Fordham University in the Bronx, N.Y., ranked first in the highest decrease in home value near the stadium. Homes near Jack Coffey Field are on average $508,870 cheaper than in the rest of the Bronx. ​​

According to moveBuddha, the rest of the top five cities in highest home value increase are: 
  • No. 2. Georgetown University, Washington D.C., $216,204 more expensive;
  • No.3 Sacramento State University, Sacramento, Calif., $201,721; and
  • No. 5 University of Alabama, Birmingham, Ala., $188,878.
Housing frenzy
A combination of housing indicators is signaling the housing frenzy could be over. Both sales growth and price growth have peaked and are slowing. In addition, months of inventory, listings, and days on market have reached a trough and are rising. Read more in our latest research report.

Houston home sales cool with the weather

HOUSTON (Houston Association of Realtors) – Weary of limited housing inventory, local homebuyers stepped ​back in October, which became the second month of 2021 to experience a decline in home sales. The first was July. 

According to the Houston Association of Realtors' (HAR) Oct. 2​021 Market Update, single-family home sales fell 5.2 percent from October 2020, down from 9​,183 sales to 8,703. 

On a year-to-date basis, however, local home sales are 12.9 percent ahead of 2020’s record pace. Sales are up 21.6 percent from 2019, the previous record-setting year.

Total dollar volume increased 9.9 percent over the year to more than $3.8 billion. 

Home prices appreciated once again. The median single-family home price climbed 14.7 percent to $305,000, while average price increased 13.1 percent to $377,631. Both are record prices for an October but are well below the all-time pricing highs set in June 2021. 

Total active listings fell 11.4 percent to 26,851 homes for sale. Pending single-family sales increased 8.2 percent to 9,492. 

Total days on market for single-family homes dropped from 48 days last year to 32 days in October 2021. Months of inventory fell to 1.8 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

According to HAR, homes priced from​​ $500,000 to $1 million had the largest jump in sales, increasing 23.1 percent year over year. That was followed by the luxury market, which includes homes priced above $1 million. 

October sales of townhouses and condominiums increased for the 14th consecutive month, jumping 7.6 percent with 683 closed sales versus 635 a year earlier. The average price rose 12.6 percent to $247,846, and the median price shot up 23 percent to $219,000. Inventory fell from 3.9 months to 2.3 months.​
TG cover
The fall 2021 issue of TG magazine is online now. Read it here for free.

Titan Development breaks ground on first phase of Georgetown industrial park

GEORGETOWN (REBusiness Online) – Titan Development has broken ground on the 294,297-sf Building I at Gatew​ay Commerce Center, an 86-acre industrial project near the intersection of I-35 and SH ​130.  

The cross-dock building will have 36-ft clear heights, four drive-in ramps, 220 car parking spaces, and an ESFR sprinkler system. 

Construction will be complete in June 2022. ​
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Dallas firm picks up SA industrial asset

​​​​​SAN ANTONIO (San Antonio Business Journal) – Dallas-based GID Industrial has acquired Logistics Commerce Center, a 400,400-sf industrial property near the intersection of I-35 and Loop 410.​

Built in 2019, the two-b​uilding property is leased to four tenants, including CHEP, Home Depot, Pallet Logistics, and PackRack.

​JLL represented the seller, an affiliate of Houston-based Davis Commercial Development LLC.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Missouri investor snaps up Telecom Corridor asset

RICHARDSON (Dallas Morning News) – A partnership represented by Missouri-based Larson Capital M​anagement has purchased Custer Court from Chicago-based Origin Investments.

The 121,600-sf, 20-year-old office building ​is on the south side of the Bush Turnpike near Custer Rd. 

Newmark brokered the sale. ​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

SLR Property picks up 31K-acre Sandow Lakes Ranch property

​​​ROCKDALE (Austin Business Journal) – SLR Property I LP has purchased Sandow Lakes Ranch, a 31,000-acre property in Milam an​d Lee Counties. 

The $240 million property once operated an Alcoa Corp. aluminum smelting plant.

Carrollton industrial flex building trades hands

CARROLLTON (REBusiness Journal) – Boston-based Cabot Properties has purchased a 113,786-sf industri​al flex building from Dallas-based Mohr Capital. 

The property was fully leased at the time of sale to tenants including Connecticut-based Frontier Communications and Illinois-based Transcendia. 

JLL represented the seller. ​
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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