Things are moving fast in the River Oaks real estate market now. After a surprisingly nimble 2020, despite the yoke of Covid-19, this year has started like gangbusters (see last month’s report here). Here are some highlights so far:

  1. As of the Ides of March – i.e. March 15 – there have been 27 closed sales in River Oaks.
  2. Of those 27 sales, they break down like this:
    • 30% were for lot value (and 75% of those were for custom new construction)
    • 18% were new construction
    • 15% were recent construction
    • 18% were fixer-uppers
    • 19% were move-in ready homes
  3. Lot sales totaled $32 million in sales volume. Of that, 80% of the sales volume was for custom new construction and 20% was for spec construction.
  4. Half of all purchases were paid for in cash or cash from trust funds.
  5. The median sales price was $3.6 million.
  6. We always track the demographics of River Oaks buyers and sellers. In the first two and a half months of 2021, 70% of the buyers came from the immediate area. Most of those were from the neighborhoods around River Oaks, but 30% of the total buyers were from within River Oaks itself.
  7. Attorneys were the leading category of buyer for the first time since 2019. So far in 2021 they lead with 20% of purchases.
  8. The younger generation are the leading buyers so far. Thirty-somethings make up more than 30% of the buyers.
  9. Total sales volume was $97 million through mid-March. Total annual sales in recent years have been typically around $270 million, so you can see that the pace in 2021 is much faster than usual.
  10. With an additional $65 million in the title company scheduled to close in the coming weeks, we are set for a bumper year.