Jan 15, 2016, 6:00am CST
By Paul Takahashi
Are you looking to buy a home in Houston this year? Well, Zillow has some advice for you on where to look.
Zillow Inc. (Nasdaq: Z) released a new report that predicts the hottest Houston neighborhoods to watch in 2016. The Seattle-based real estate company looked at home price data and listed neighborhoods where home values are forecasted to increase the most in the next 12 months.
Overall, Houston home prices are growing more slowly amid the oil slump, according to Zillow.
Homes in the Bayou City are expected to grow between 3 percent and 3.5 percent in 2016, which is much slower than the 8 percent home value growth seen in 2015, said Svenja Gudell, Zillow’s chief economist.
“Houston has slowing home value appreciation,” Gudell said. “But there are certainly markets within Houston that are doing quite well.”
Some of Zillow’s top neighborhoods to watch — like Spring Branch and Montrose — are undergoing redevelopment as high-end homebuilders deliver new luxury townhomes. Other neighborhoods on the east side of town, are seeing a new wave of homes as the downstream energy sector and the shipping port benefit from low oil prices.
Here are the hottest home neighborhoods to watch in Houston this year, according to Zillow:
- Spring Branch North: 6.1 percent forecasted home value growth
- Westbury: 6 percent growth
- Woodlake – Briar Meadow: 5.2 percent growth
- Eldridge – West Oaks: 5.1 percent growth
- Neartown – Montrose and Denver Harbor – Port Houston(tied): 4.8 percent growth