Memorial’s Drive

AS MEMORIAL WINDS and weaves through West Houston, homes on idyllic cul-de-sacs and with big, rolling yards beckon buyers. During the pandemic, homes in Memorial were coveted for amenities like resort-style pools and plenty of room for guests. Prices rose rapidly, and inventory dwindled. And as the Covid-supercharged market cools off citywide, the Memorial Villages ’hood reflects many of the same patterns: The average sales price so far this year is down around 6 percent, and homes are taking about 7 percent longer to sell, compared to the first part of 2022. But real estate experts say that a return to a balanced market, especially in the pricier parts of town, coupled with falling mortgage rates, will actually provide ongoing momentum.

BY THE NUMBERS

The growth in the median price of single-family homes over the past five years, according to research firm Moody Analytics. Over that same period, the median household income only grew by — brace yourself — 14 percent.

LEADING THE TEXAS COASTAL