Oak Forest Prices-Resale 3Q

Filed in Oak Forest Sales & Price Trends by on January 1, 2014

Oak Forest Prices of Resale Homes-3rd Q 2013

Learn about Oak Forest Homes here: history, prices, location, maps, more.

I recently showed the Prices of New Oak Forest Homes. This post will focus on resale homes, mostly ranch-style 1940’s and 1950’s homes.

Oak Forest Prices 3Q13

An Oak Forest Mid Century Modern Home on Libbey

Oak Forest Tear-Downs

Map of Oak Forest Tear-Down Properties Sold

Let’s start with land prices. What a builder will pay for a tear-down property (there are no vacant lots in Oak Forest, just little homes on big lots) sets the minimum prices for homes.

Homes listed as tear-downs sold for $200K to ~$300K. The average was $272K for 8117 SF lot, or ~$30.50/SF. Location is everything though, top dollar is being paid where most new homes are being built. (See previous post on new sales for a map).

The table below shows price ranges of Oak Forest resale (not new) homes. I excluded a couple of recent construction homes and those listed as tear-downs. Those homes in the table are thus range from very livable to stunning renovations. The average price for an Oak Forest resale home is ~$320,000. The lot sizes are generally 7200-7900 SF, though some are larger. Lot sizes are larger than nearby Houston Heights, but generally smaller than neighboring Garden Oaks.

#Sold $ Range Avg. $ SF Range Avg. SF Avg $/SF Lot Size Avg.DOM*
19 $200K-$600K $320.4K 988-3070 SF 2536 SF $204/SF 7986 SF 33 Days

As in all inner-loop and close-in neighborhoods, new homes are much larger (~4300 SF) and more expensive (~$700K) than the older homes original to the neighborhood.

*The column labeled DOM is Days on Market. The average was 33 days on market, but close to half sold in 10 days or less.

Notes: The home I showed above is not typical of Oak Forest homes, I chose it because it and another mid-century modern home recently sold for $200K. I love MCM homes. There are a few scattered throughout Oak Forest, Spring Branch, and nearby Timbergrove Manor.
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