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Photo: Russell Hancock via Swamplot Flickr Pool
The neighborhoods, along with their median 2017 home prices provided by Martin and her website, are:
River Oaks: $1,950,000
Boulevard Oaks/Southampton: $1,130,000/$1,263,000
West University: $1,284,000
Memorial Park: $1,525,000
Hyde Park/Montrose: $818,721 (in 2016)/$635,250
But why would home prices skyrocket in these areas? According to Martin, it’s primarily due to three shared characteristics: expensive areas, close to offices and near top-ranked schools.
“Historically, when we’ve seen both a rising stock market and rising oil prices, Houston’s luxury neighborhoods have performed extraordinary well,” Martin said.
Additionally, residents want to live near both their offices and good schools for their children, she said. Land in these areas — which include River Oaks, West University and Bellaire — tend to be the largest beneficiaries of increased value.
And as land prices surge, so, too, do home prices.