Dive Brief:
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A line of lower-priced homes targeting millennial buyers recently launched by Toll Brothers has been selected for inclusion in the latest section of the Woodson's Reserve master-planned community in Spring, TX, near Houston, according to the Houston Chronicle.
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The T | Select homes there will sit on 60-foot-wide lots and be priced from the high $300,000s with plans from 2,800 square feet to more than 3,400 square feet. A portion will be ready for immediate move-in upon opening. Although the price and scale target younger buyers, the builder is co-locating the new line with the array of amenities at the MPC, including a 9,000-square-foot clubhouse, a swimming pool and 115 acres of nature-based leisure space.
- Toll Brothers first introduced the line earlier this month in the Wildwood at NorthPointe MPC northwest of Houston, according to a separate Chronicle report. It will expand the offering among communities primarily in its current markets in 2017.
Dive Insight:
In December, Toll Brothers unveiled its plans to roll out a line of lower-priced homes as it looks to tap into the increasing number of younger, first-time homebuyers entering the market. Millennials, in particular, are expected to account for 33% of homebuyers this year, Realtor.com forecast in November.
Healthy demand and still-low levels of supply are spurring new growth in the Houston housing market, with several MPCs and large developments now opening.
Last month, Canadian developer Empire Continental Land broke ground on a 206-acre community in League City, TX, near Houston, that is expected to include more than 500 homes with prices starting in the mid-$200,000s.
In its latest quarterly housing report, the Texas Association of Realtors noted that most home sales in the Houston area targeted lower price points, according to the Houston Business Journal. Nearly half of sales occurred in the $200,000 to $400,000 range while 41% came in under $199,999. Just 9% were sold for $500,000 or more.
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