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Cottage Grove Home Prices - Rich Martin Homes : Rich Martin Homes

Cottage Grove Home Prices

Filed in Cottage Grove Homes for Sale by on May 1, 2017

Cottage Grove New Home Prices Stable

Cottage Grove  new home prices haven’t changed much. The typical new home is priced in the low $400’s for approximately 2300 SF home.

Cottage Grove is one of those Houston neighborhoods where old homes are being completely being replaced by new homes. It is not like the Heights where cool old remodeled homes and new stately homes are intermixed. The little cottages just weren’t worth remodeling compared to the value of the land. One little cottage goes down and two new 2-story homes replace it.
More on this neighborhood can be found on my Cottage Grove Homes page.

The typical new home here faces the street (not a center drive where all homes share a driveway) and are front-loading (garage in front). A couple of examples are shown below.

Cottage Grove new home by BGS Build

Cottage Grove Home by BGS Build

Cottage Grove Houston, new home

New Cottage Home by Urban Craftsman

Cottage Grove New Home Prices 2017 Below:

The sales data is mainly for a quick overview (i.e., new homes are in the range of low $400’s and are on small lots) and to compare to other neighborhoods.  For example, a comparison can be made for Sunset Heights Prices.  (Homes in this Heights neighborhood on skinny lots start in the $500’s.)

Cottage Grove New Single Family Home Prices

These prices are for new (not resale) Single Family Homes.
Cottage Grove New Home Prices 1st Q 2017   
# SoldPrice RangeHouse SizeLot SizePrice/SFDOM** LP/SP***
15$389K-$565K
Avg. 4251K
2080-2742 SF
Avg. 2331 SF
2000-2742 SF
Avg. 2154 SF
$165-$206/SF
Avg. $182/SF
N/A0.98
**DOM=Days on Market
Meaningless for new homes
***LP/SP = ratio of list price to sales price

A note on lot size. Most lots in Cottage Grove are

New Home Price Trends

Last year was a rough year for builders. The oil bust put a damper on sales. Builders were not buying land. They were building out and selling what they had and hoping for better times.

The table below shows that the average sales price was lower. The ratio of List Price to Sales Price was strong in 2015 (the average new home sold for List Price) compared to 2016 & 2017 where a typical discount is 2%.

Cottage Grove Single Family New Home Trends

First Quarter Prices by year. These are new (not resale) Single Family homes (not Townhomes or Condos).
YearHouses
Sold
Avg.
Price
Avg
$/SF
LP/SP*
1st Q 201412$412K$169/SF0.97-1.01 (0.99)
1st Q 201513$493K$183/SF0.97-1.04 (1.00)
1st Q 201615$404K$183/SF0.94-1.00 (0.98)
1st Q 201718$425K$182/SF0.96-1.00 (0.98)

I am horrible at predicting the future, but land is starting to sell again inside the loop (Land sales were horrible last year) and this is a sign that builders are more positive. Land is obviously the harbinger of new home sales. As land sales increase, land prices will increase; thus new home prices will also go up.

Cottage Grove Resale Home Pricing

There aren’t any old homes for sale in Cottage Grove. The ones that are for sale are being sold to builders: knock down one old cottage and put up two new. (Note to preservationists; Very few of the old homes are worth salvaging. They don’t have cool, outstanding features to renovate and enhance. They just weren’t great to begin with.)
Even resale homes are fairly new, they have mostly been built in the last half dozen years or so.

The prices on these few-years old homes averaged about $370K. They varied widely though, based on initial quality and age.

Townhome Prices

Townhome prices in Cottage Grove are cheaper than Single Family Homes. The quality of construction is equivalent, but they can be built on smaller lots. By having a common wall, set-backs are eliminated and homes fit together more closely. The average Cottage Grove Townhouse price was $380K.

Townhouse by Intown Homes

Townhouse by Intown Homes

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