Cottage Grove showed the highest land appreciation over the past 10 years, according to a new report from Houston Properties. The study looked at more than 400,000 Houston home sales since 2000 and utilized the Houston Association of Realtors’ MLS for home and lot sales information.
The report found that the highest single-family home appreciations were located in quality neighborhoods, in proximity to major job centers, on large lots that provided a high land value and not located on busy roads or near highways or railroad.
Cottage Grove
- 10-year land value appreciation: 96%
- 5-year land value appreciation: 96%
Cottage Grove is located within the Inner Loop, which is near job centers, cultural hotspots and entertainment and dining options. The median sales price increased 42 percent from $278,000 in 2007 to $393,500 in 2016. The median land value per square foot rose 101 percent from $26 per square foot in 2007 to $51 in 2016.
Oak Forest
- 10-year land value appreciation: 94%
- 5-year land value appreciation: 43%
Oak Forest remains in demand because of its school system, as well as its convenient location relative to the Galleria and Downtown Houston. The median home sales price has increased 92 percent over the past decade, from $178,000 to $341,500. The median land value per square foot has increased from $17 in 2007 to $33 in 2016, an 89 percent increase.
Rice Military
- 10-year land value appreciation: 91%
- 5-year land value appreciation: 81%
One of Houston’s older neighborhoods, Rice Military has remained popular because of its large home lots and relatively affordable home prices. Although home prices have only increased 30 percent in the past 10 years, rising from $345,000 to $450,000, the median land value per square foot has increased 90 percent from $35 in 2007 to $67 in 2016.
Houston Heights
- 10-year land value appreciation: 82%
- 5-year land value appreciation: 76%
Houston Heights is one of the area’s first master-planned communities. It was also ranked No. 4 in CNN Money’s Top 10 Big City Neighborhoods. In the past 10 years, home prices have increased by 56 percent, from $298,000 in 2007 to $465,000 in 2016. Its median land value per square foot increased from $28 to $51, an 82 percent increase.