2023 Mid-Year Market Report: Sales Under $2 Million

Much of the activity in the low-end “under $2 million” category so far this year has been for lot sales. It’s not so much that speculative builders are buying up all those cute old houses in need of TLC. Rather, private individuals are buying lots for custom home construction.

But be warned that, after a one-year hiatus, the spec builders are coming back, having acclimatized themselves to higher interest rates and with 12 months to forget the burned fingers of early 2022.

Almost all the houses that sold that were not demolished needed an awful lot of work. It is heartening to see that people are willing to expend a lot of money, energy and exasperation in preserving the historic architecture and feel of River Oaks. Those of us who have remodeled older houses know fully well going in, and certainly know at the end of the process, that it will ultimately cost more than building from scratch. Bless them.

We all just hope that the trend of sacking the brick facades of vintage little houses and installing dark bronze window frames is finally over. Or is that too much to ask?