Fulshear-Katy Community Guide & Directory 2023-24

• Mixed-use developments, which combine residential, commercial, and retail spaces in one development “In an evolving market, my team strives to think outside the box and be creative for our clients while providing a ‘white glove’ experience,” explains Kennedy. “We have sold more than 30% off-market transactions due to being plugged into the community and knowing the market. My team is working diligently to find our buyers homes both on and off the market, as we expect to see the inventory continue to increase this spring.” Source: Houston Association of Realtors’ Multiple Listing Service (MLS) +17% +09% +06% +08% -06% KATY NORTH Change in Average Home Price from 2015 to 2020 KATY OLD TOWNE KATY SOUTHEAST KATY SOUTHWEST FULSHEAR

D espite a general softening in the real estate market on a national basis, which can be attributed primarily to sharp increases in interest rates as well as significant volatility throughout the national economy, the Fulshear and Katy areas have remained among the fastest-growing in the State of Texas. “Home starts across the country have slowed as many real estate investors are taking somewhat of a wait-and-see approach, but despite what the national news would lead you to believe, investors and developers are continuing to pour money into new projects in our area,” says Steve Reichardt, a partner with JNS Construction Solutions, an area builder/ general contractor that specializes in custom homes along with investor owned residential and commercial projects. “We will continue to see pockets like the Fulshear-Katy area that consistently outperform expectations, and those areas will continue to thrive despite the national real estate market.” “Historically, the Fulshear-Katy area has been a highly sought-after location due to its excellent schools, access to major highways and growing job market,” explains Shelby Kennedy, Partner-Realtor at Greater Houston Real Estate Partners. “The real estate market in this area has been strong, with a steady increase in property values over the years.

both the Katy and Fulshear communities, as 68% of Katy residents have attended some college classes and 37% have earned a bachelor’s or advanced college degree. Comparatively, over 90% of Fulshear residents have attended some college classes and 71% have earned a bachelor’s or advanced college degree. “We are still seeing a lower inventory of resale homes and the continued growth of new construction on nearly every corner,” says Kennedy. “The increase in interest rates over the past six months did create a bit of a slow-down. However as we enter the spring season we are seeing more active buyers out. Buyers seem to be slowly realizing that the pandemic interest rates are not returning, and in reality those were not ‘true rates’ but rather artificially low rates designed to drive the housing market.” Kennedy and her team have noticed some interesting trends emerge throughout the local housing market, including: • Longer days on market and price adjustments, providing buyers with more negotiating power than in recent years. Popular pre-selected options and features that help to control build times and construction costs, allowing builders to pass savings along to the buyerSmart homes that allow appliances and other devices to be controlled remotely from anywhere with an internet connection

Recently, the Katy-Fulshear area has seen significant growth in terms of new residential and commercial development, which has contributed to a robust real estate market.” In its Demographic Study prepared for Lamar CISD, Population & Survey Analysts (PASA) project, 23,278 new housing starts in Lamar CISD between 2022-2027, with a significant percentage of those new homes projected in the Fulshear area. The study prepared for Katy ISD also projected an additional 12,739 new homes in the Katy area during the same period. That is on top of the 9,150 new multi-family housing units projected for Lamar CISD and 9,668 for Katy ISD through 2027. In addition to the abundance of available land for development, the area’s demographics are extremely attractive to both residential and commercial developers looking to invest in new projects. According to the Wood Population Review, the average household income for residents of the City of Katy is $110,258 and over 79% of residents own their home. The demographics for residents of the City of Fulshear are also very strong, with an average household income of $188,395 and a home ownership rate of 96.4%. The Wood Population Review also reveals the importance of higher education in

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FULSHEAR-KATY COMMUNITY GUIDE & DIRECTORY 2023-24 ISSUE 41