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Housing market remains robust in Houston despite oil slump

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The downturn in oil hasn't slumped home sales or construction in Houston

The Houston area real estate market is still hot despite worries over the oil market. Experts hope the pattern will hold as our area continues to grow in population.

One thing is clear: You don't need to go far to see new construction across the Bayou City.

Take for instance an area known as Denver Harbor, which is sandwiched along the East Freeway and just north of the soccer stadium. Crews continue to build new townhomes with average prices on the rise.

Tim Surratt is a real estate agent with Greenwood King Properties. Surratt told abc13 the neighborhood is up and coming.

He said when you compare it with other communities like Upper Kirby or Montrose, you certainly can get more house for a whole lot less.

"Denver Harbor is three minutes from downtown. So it's close to everything, the average price is in the $130,000s," said Surratt. "That's a great option for first time buyers who've been squeezed out of the market. For instance, where we are right here, these townhomes are $800,000 so the first time buyer can't really get into that."

Surratt said while the area doesn't have all the amenities, you'd imagine if construction continues, you can expect them to follow and fill in.

"There is so much construction going on. It's crazy. There are a lot of new restaurants. It needs a grocery store but that will follow eventually and that will make a big difference too," said Surratt.

"The biggest thing we've heard all our life is location, location, location. So try if you can, not to buy on a busy street and look at what's around you. See if there is construction going on to see that the neighborhood is improving. As long as there is still some activity going on, you'll get pretty good value."

Surratt pointed out a few areas to watch for growth potential. In addition to Denver Harbor, he said the 290 corridor should increase in value when the highway is finally finished. He also said the Oak Forest, Garden Oaks, Spring Branch, and Spring Valley areas are performing very well. Single family home values continue to spike across town.

In the East End, close to the BBVA Compass Stadium, single family home prices have jumped more than 21.6 percent, according to HAR numbers. The area known as the East End Revitalized is ready for a rebirth.

Up in Tomball, the southwest area of town is surging in value with the opening of the Grand Parkway. Prices have jumped more than 43 percent.

Out in Brookshire west of Katy, they're experiencing a 32 percent spike in single family home values. In the Porter and New Caney area, HAR numbers show a 21.6 percent increase in value.

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businesshousing markethousingconstructionoilHouston
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