Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.
Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. They also posted a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.
The housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951, and the median monthly mortgage payment is sitting at $2,858, just $26 shy of the all-time high set in April. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week’s slightly softer-than-expected inflation report sent rates below 7% for the first time in over five weeks. And 6.3% of home sellers are dropping their price, on average, the highest share in a year and a half, which may mean price growth loses momentum soon.
“High prices and rates are challenging, but there are ways for buyers to take advantage of the somewhat slow market,” said Marsha McMahon-Jones, a Redfin Premier agent in Palm Springs, CA. “Sellers know that high mortgage rates mean they should expect negotiations, expect offers to come in under list price, and be ready for some back and forth on things like repairs and closing costs. Buyers may not be able to get a lower mortgage rate, but they’re often getting homes for slightly less than the asking price. It’s also a good time to buy a fixer-upper at a lower price point because those aren’t selling as quickly.”
For Redfin economists’ takes on the housing market, including how current financial events like the latest CPI report are impacting mortgage rates, please visit Redfin’s “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage rate
6.99% (May 15)
Down from a 5-month high of 7.52% three weeks earlier
Declined 2% from a week earlier (as of week ending May 10)
Down 14%
Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)
Lowest level in 2 months (as of week ending May 12)
Down 13%
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Touring activity
Up 5% from the start of the year (as of May 13)
At this time last year, it was up 21% from the start of 2023
ShowingTime, a home touring technology company
Google searches for “home for sale”
Down 8% from a month earlier (as of May 13)
Down 15%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending May 12, 2024
Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.
Four weeks ending May 12, 2024
Year-over-year change
Notes
Median sale price
$386,951
4.7%
All-time high
Median asking price
$418,455
6.6%
All-time high
Median monthly mortgage payment
$2,858 at a 7.09% mortgage rate
12.7%
Just $26 below all-time high set during the 4 weeks ending April 28
Pending sales
90,457
-4.3%
Biggest decline since 4 weeks ending Feb. 25
New listings
102,269
10%
Active listings
890,224
14.2%
Months of supply
3.2
+0.5 pts.
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions.
Share of homes off market in two weeks
45.2%
Down from 49%
Median days on market
33
+2 days
Share of homes sold above list price
30.8%
Down from 33%
Share of homes with a price drop
6.3%
+2 pts.
Highest level since Nov. 2022
Average sale-to-list price ratio
99.4%
Unchanged
Metro-level highlights: Four weeks ending May 12, 2024
Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
Metros with biggest year-over-year increases
Metros with biggest year-over-year decreases
Notes
Median sale price
Detroit (18.8%)
Anaheim, CA (18.6%)
West Palm Beach, FL (16.2%)
San Jose, CA (13.6%)
Newark, NJ (11.7%)
San Antonio (-0.5%)
Decreased in just 1 metro
Pending sales
San Jose, CA (16.6%)
Anaheim, CA (9.2%)
San Francisco (5.3%)
Newark, NJ (5.2%)
Sacramento, CA (3%)
Phoenix (-14.9%)
Atlanta (-13.6%)
Houston (-13.2%)
West Palm Beach, FL (-11.8%)
Nashville, TN (-11.1%)
Increased in 12 metros
New listings
San Jose, CA (40.2%)
Seattle (26.4%)
Phoenix (24.7%)
Oakland, CA (24.6%)
Montgomery County, PA (21.9%)
Chicago (-8.1%)
Atlanta (-3.4%)
Detroit (-3.1%)
Virginia Beach, VA (-1.9%)
Newark, NJ (-1.6%)
Warren, MI (-1.2%)
Decreased in 6 metros
Refer to our metrics definition page for explanations of all the metrics used in this report.
Demand for second-home mortgages fell twice as fast as mortgage demand for primary homes, as housing costs rose to new heights.
An early look at this year’s data shows that demand for vacation homes hasn’t picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.
Many of the people who did take out mortgages for second homes last year were high earners, white and/or Gen Xers.
Austin and the Bay Area saw the biggest declines in mortgages for second homes in 2023.
U.S. homebuyers took out 90,772 mortgages for second homes in 2023, down 40% from a year earlier and down 65% from the height of the pandemic housing boom in 2021.
For the sake of comparison, mortgages for primaryhomes fell at half that rate; they were down 20% year over year in 2023 and down 35% from 2021.
This is according to a Redfin analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of second homes, primary homes and investment properties from 2018 to 2023. The term “vacation home” is used interchangeably with “second home” in this report.
Home purchases fell across the board last year due to low inventory, high mortgage rates, and high home prices; 2023 was the least affordable year on record. Affordability hasn’t improved in 2024; monthly housing costs are at an all-time high. Mortgages for second homes dropped more than mortgages for primary homes for several reasons:
It’s more expensive to buy a second home. The typical second home was worth $475,000 in 2023, versus $375,000 for primary homes. Additionally, the federal government increased loan fees for second homes in 2022, upping the total cost of buying one.
Vacation homes aren’t a necessity the way primary homes are, so when housing costs skyrocket, many prospective second-home buyers back off.
Purchasing a second home for your own use is a less attractive proposition than it was a few years ago because many companies are now requiring their employees to return to the office, meaning there’s less time to spend in vacation homes.
Purchasing a second home to rent it out is also a less attractive proposition than it once was because the rental market has cooled from its pandemic peak, and owners of short-term rentals on sites like Airbnb are generally earning less revenue.
“Soaring prices pushed down demand for vacation homes last year, both for cash buyers and those getting a mortgage–but the latter pulled back even more because high rates exacerbated high prices,” said Phoenix Redfin Premier agent Heather Mahmood-Corley. “There has been a small uptick in interest in second homes this year, mostly from cash buyers who plan to eventually move in full time. People who would need a mortgage are still sitting on the sidelines, waiting for rates to come down–especially because rates are typically even higher for second homes than primary homes.”
Just 3% of all mortgages went to second-home buyers in 2023, down from 5% in 2020
The share of total mortgages that went to second-home buyers also dropped last year: 2.8% of all mortgage originations in 2023 were for second homes, down from 3.6% in 2022 and 5.1% in 2021.
The vast majority of mortgages go to buyers of primary homes: They took out nearly nine in 10 (88.6%) mortgages in 2023, 87.2% in 2022 and 89.2% in 2020. The remainder go to those buying investment properties, with 8.6% of all mortgages taken out in 2023 used for investment properties, compared with 9.2% in 2022 and 5.9% in 2020.
Vacation-home demand hasn’t picked up in 2024
An early look at this year’s data shows that demand for second homes hasn’t picked up in 2024. Mortgage-rate locks for second homes have been sitting near their eight-year low since the beginning of this year, according to a separate Redfin analysis of data from Optimal Blue. They declined 7.3% from a year earlier in April. By comparison, mortgage-rate locks for primary homes declined 1.6%.
Please note that Optimal Blue data is different from the HMDA data used in the rest of this report. Optimal Blue data is a leading indicator because it measures mortgage-rate locks (an agreement between a buyer and a lender that locks in a rate for a period of time; roughly 80% result in home purchases) as opposed to mortgage originations, and it includes a sample of U.S. mortgages rather than all U.S. mortgages.
The people who are buying vacation homes: Affluent, white, Gen X
So, who did buy vacation homes in 2023? We broke the data down by income level, race and age:
High earners: The vast majority of people who took out mortgages for vacation homes in 2023 were–unsurprisingly–high earners. Nearly nine in 10 (86%) second-home mortgages issued last year went to high-income buyers. Just under 3% went to low-income buyers. (The nationwide median household income of home purchasers in the HMDA data is $178,000 for high-income buyers and $65,000 for low-income buyers.)
White people: Nearly four in five (79%) vacation-home mortgages went to white homebuyers in 2023. Asian and Hispanic homebuyers come next, with 6.4% and 6.2% of new vacation-home mortgages, respectively. Buyers who identify as more than one race took out 5.4% of second-home mortgages, and Black buyers took out 2.7%.
Gen Xers: 29.5% of vacation-home mortgages went to 55-64 year olds in 2023, and another 28.6% went to 45-54 year olds (Gen Xers were 43-58 in 2023). Next come 35-44 year olds (21%), 65-74 year olds (11.4%) and people under 35 (6.9%).
Second-home mortgages dropped most in Austin and the Bay Area
Mortgage originations for second homes fell in all major U.S. metros last year. They fell most in Austin, TX, with a 62.5% year-over-year drop in 2023. Austin’s housing market slowed substantially across the board last year as the pandemic migration boom waned and housing costs climbed too high for many locals. The next-biggest declines for second-home mortgages were mostly in expensive coastal cities: San Francisco (-57.6%), New York (-53.9%), Seattle (-53%) and Nashville, TN (-51.3%).
The smallest declines in second-home mortgages were in relatively affordable metros in the middle of the country and on the East Coast: St. Louis (-25.2% year over year), Kansas City, MO (-31.1%), Providence, RI (-31.1%), Montgomery County, PA (-32.1%) and Warren, MI (-32.1%).
Second homes are most common in Florida
Second-home mortgages made up the largest share of all mortgage originations in West Palm Beach, FL, a popular destination for snowbirds and vacationers, in 2023. Just under 7% of all mortgage originations in the West Palm Beach metro last year were for second homes. Next come Orlando, FL (4.1%), Riverside, CA (4%), New Brunswick, NJ (3.9%) and Tampa, FL (3.6%). Even though the share of second-home mortgages was largest in those places of all the major U.S. metros, they were still down at least 37% year over year.
On the other end of the spectrum, second-home mortgages made up a miniscule share (about 0.5%) of total mortgages in Detroit, Montgomery County, PA, Oakland, CA, Cleveland and Dallas.
Metro-level summary: Mortgages for second homes, 2023
50 most populous U.S. metros
U.S. metro area
Second-home mortgage originations
Second-home mortgage originations, YoY change
Share of total mortgage originations that were for second homes
Median value of second homes
Anaheim, CA
444
-36.7%
2.9%
$1,335,000
Atlanta, GA
734
-45.2%
1.0%
$435,000
Austin, TX
388
-62.5%
1.1%
$495,000
Baltimore, MD
222
-45.6%
0.8%
$515,000
Boston, MA
428
-43.9%
1.2%
$805,000
Charlotte, NC
454
-42.5%
1.2%
$445,000
Chicago, IL
448
-48.4%
0.7%
$365,000
Cincinnati, OH
181
-41.8%
0.7%
$325,000
Cleveland, OH
119
-39.3%
0.6%
$225,000
Columbus, OH
212
-41.3%
0.9%
$420,000
Dallas, TX
447
-45.9%
0.6%
$485,000
Denver, CO
514
-36.2%
1.3%
$675,000
Detroit, MI
73
-32.4%
0.5%
$245,000
Fort Lauderdale, FL
679
-47.0%
3.5%
$445,000
Fort Worth, TX
215
-45.6%
0.7%
$435,000
Houston, TX
1114
-47.5%
1.4%
$405,000
Indianapolis, IN
254
-32.4%
0.9%
$325,000
Jacksonville, FL
680
-43.7%
2.7%
$475,000
Kansas City, MO
206
-31.1%
0.8%
$335,000
Las Vegas, NV
877
-49.6%
3.1%
$455,000
Los Angeles, CA
512
-51.1%
1.3%
$1,305,000
Miami, FL
602
-46.2%
3.1%
$715,000
Milwaukee, WI
145
-45.7%
1.0%
$355,000
Minneapolis, MN
393
-38.1%
0.9%
$420,000
Montgomery County, PA
91
-32.1%
0.5%
$510,000
Nashville, TN
394
-51.3%
1.4%
$510,000
Nassau County, NY
600
-43.6%
2.8%
$1,725,000
New Brunswick, NJ
858
-45.4%
3.9%
$885,000
New York, NY
865
-53.9%
1.8%
$985,000
Newark, NJ
280
-37.5%
1.6%
$375,000
Oakland, CA
99
-50.5%
0.5%
$995,000
Orlando, FL
1483
-36.9%
4.1%
$445,000
Philadelphia, PA
124
-50.2%
0.7%
$355,000
Phoenix, AZ
2001
-46.5%
3.2%
$535,000
Pittsburgh, PA
181
-38.2%
0.9%
$285,000
Portland, OR
258
-50.0%
1.1%
$605,000
Providence, RI
363
-31.1%
2.7%
$775,000
Riverside, CA
1566
-47.1%
4.0%
$655,000
Sacramento, CA
455
-48.8%
2.1%
$805,000
San Antonio, TX
438
-51.1%
1.3%
$335,000
San Diego, CA
411
-45.4%
2.1%
$1,115,000
San Francisco, CA
112
-57.6%
1.6%
$1,355,000
San Jose, CA
69
-35.5%
0.7%
$1,300,000
Seattle, WA
239
-53.0%
0.8%
$795,000
St. Louis, MO
303
-25.2%
0.9%
$315,000
Tampa, FL
1618
-41.5%
3.6%
$425,000
Virginia Beach, VA
415
-47.5%
1.8%
$525,000
Warren, MI
281
-32.1%
1.0%
$325,000
Washington, DC
436
-46.1%
0.9%
$655,000
West Palm Beach, FL
1081
-37.0%
6.6%
$635,000
Methodology
The 2023 data in this report is from a Redfin analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of second homes, primary homes and investment properties from 2018-2023. The term “vacation home” is used interchangeably with “second home” in this report. For this report, the median “worth” or “value” of second homes is the median property value from HMDA data itself, which is reported by the mortgage loan originator as either the home’s appraised value or sale price.
The 2024 data in this report is from a Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue. Redfin created a seasonally adjusted index of Optimal Blue’s data to adjust for typical seasonal patterns and allow for simple comparisons of second-home demand before, during and after the pandemic. We define “pre-pandemic” as January and February 2020 and set the index for that period to 100. This data is subject to revision. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property. Roughly 80% of mortgage-rate locks result in actual home purchases.
U. SAUCON TWP., Pa. – Phillies, Eagles, Flyers and 76ers fans will soon have a new spot to stock up on jerseys, hats and other gear in Lehigh County.
Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, is planning to open a new retail location this summer at Promenade Saucon Valley in Upper Saucon Township, according to a news release.
The new 5,903-square-foot Rally House will be located between Barnes & Noble and J.Crew Factory.
“We are excited to welcome Rally House to our fast-growing retail lineup,” said Jaclyn Palmeri, vice president of leasing for the shopping center. “And we know our Steelers, Eagles, Penguins, Pirates, Phillies and other fans will appreciate the ease with which they can now support their favorite teams.”
Rally House has one of the largest selections of officially licensed team gear and local gifts, with its product assortment including fan favorites like jerseys, headwear, drinkware, home decor, collectibles and more.
The popular retailer also provides customers with a way to show their local support with an array of exclusive products celebrating beloved area destinations and landmarks featured on items like apparel, drinkware and hats.
Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, opened a location in March at 244 N. West End Blvd. in Richland Township.
WFMZ-TV | Ryan Kneller
In March, Rally House opened its 15th store in the Philadelphia region and its first location in the Quakertown area at 244 N. West End Blvd. in Richland Township.
The new store fills the space previously occupied by Tuesday Morning, a home goods retailer, in the Trainer’s Corner shopping center.
Rally House traces its origins to 1989, when Tim and Mabel “Peg” Liebert started “Mabel’s Kitchen,” a catalog featuring Kansas-related apparel, gifts and other merchandise.
Mabel’s Kitchen evolved into another business, “Kansas Sampler,” which featured five Kansas City area stores selling Kansas Jayhawks, Kansas State Wildcats, Kansas City Chiefs and Kansas City Royals gear.
The company experienced great success, and the Lieberts eventually decided to expand the business to other markets under the “Rally House” name in 2008, according to a company description.
Today, the Kansas-based Rally House has more than 200 locations across 19 states.
In addition to the new Quakertown area store and the forthcoming Upper Saucon store, there are more than a dozen other regional locations, including a Lehigh Valley shop in Lower Macungie Township, two other Bucks County stores and several locations in Montgomery County.
A Rally House location operates at the Hamilton Crossings shopping center in Lower Macungie Township.
Ryan Kneller
Rally House stays true to its roots by providing “an impeccable selection of local and team-related apparel and gifts, including exclusive designs available only at Rally House,” according to the company’s website.
Regional stores offer a wide array of merchandise, including clothing, blankets, glassware and signs, featuring logos and designs of local NCAA, NFL, MLB, NBA, NHL, and MLS teams in addition to locally inspired apparel, gifts and food.
Customers can browse apparel such as T-shirts, sweatshirts, coats and shorts, along with footwear and fashion accessories such as slippers, hats, scarves and jewelry.
A wide variety of other gifts and home decor include items such as coasters, stickers, magnets, wall plaques, license plate frames, plush toys, socks and baby items.
No two Rally House stores are identical.
“They each carry merchandise customized and tailored to the specific collegiate and professional teams in that area,” a message on the company’s website reads.
Joining a growing retail lineup
Promenade Saucon Valley, which debuted in 2006 with more than 70 tenants, last month announced a “brand refresh” that included changing its name from its original moniker, “The Promenade Shops at Saucon Valley.”
The new name drops the word ‘Shops’ from its moniker to reflect the center’s expanding tenant mix and evolving focus on becoming an increasingly popular community hub and gathering place, according to a news release.
The brand refresh also comes with a new color palette as well as a series of upgrades that include new soft seating in Town Square and at The Patio and breezeway; an upgrade to the gazebo; a freshly painted star at the pop jet fountain; shades over the outdoor amphitheater seating; and new property-wide signage upgrades coming in the fall.
The tenant lineup at Promenade Saucon Valley continues to grow, with its most recent addition, J.Crew Factory, opening on April 11.
Other tenants joining the shopping center’s roster in 2024 include Fulton Bank, offering a broad array of financial products and services in Pennsylvania, New Jersey, Maryland, Delaware and Virginia; and Slime Time II, a family-friendly entertainment venue allowing children of all ages to make their own slime.
These businesses join a string of other new Promenade Saucon Valley tenants, including 2023 additions such as Club Champion, a custom golf club fitting company; Turning Point, a breakfast and lunch restaurant; FD Market, a sustainable-goods and refillery store; Batch Microcreamery, offering super premium, hand-crafted ice cream; Handmade Mystic, offering healing crystals, hand-crafted jewelry and unique gifts; and Love Obsessed, offering women’s clothing, jewelry, accessories and unique gifts.
Additionally, The Great Greek Mediterranean Grill – dishing out gyros, souvlaki, spanakopita and other Greek specialties – is preparing to open its first Pennsylvania location this summer in a 2,550-square-foot space between Lashes by Gab and Komé Fine Japanese Cuisine; Five Guys Burgers & Fries, a family-owned and operated franchise restaurant group known for its hand-crafted hamburgers made from never-frozen beef and fresh-cut, boardwalk-style fries cooked in 100% peanut oil, is expected to open in the fall in a 2,407-square-foot space between European Wax Center and uBreakiFix.
The center has also been incubating entrepreneurial new retailers through two creative programs both introduced in 2023: the Promenade Pop-Up Shop and Candy Cane Lane.
During the 2023 holiday season, Promenade Saucon Valley debuted Candy Cane Lane, a series of outdoor candy cane-themed sheds where local entrepreneurs can introduce the public to their brands for low-risk, short-term engagements ranging from a four-day weekend to the entire holiday season.
Local winery Tolino Vineyards took advantage of this opportunity over the 2023 holiday season and will move to a longer-term engagement inside the Promenade Pop-Up Shop next month.
Through the Promenade Pop-Up Shop, a dedicated 1,500-square-foot space that encourages local entrepreneurs and established online brands to try out the brick-and-mortar world with a short-term lease, the center offers tenants a second low-cost, low-risk way to test the waters in a physical location while simultaneously expanding their brand awareness.
The pop-up program also gives shoppers an ever-changing lineup of exclusive local retail brands and eclectic merchandise offered alongside their more traditional favorites.
The center’s very first pop-up tenant, Sweet Diehl Boutique, a women’s fashion boutique founded by a local entrepreneur, had such success that it significantly extended its stay at Promenade Saucon Valley. To learn more about the Promenade Pop-Up Shop or the holiday Candy Cane Lane program, click here.
RICHLAND TWP., Pa. – Phillies, Eagles, Flyers and 76ers fans have a new spot to score jerseys, hats and other gear in upper Bucks County.
Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, opened its newest location last week at 244 N. West End Blvd. in Richland Township.
The new store fills the space previously occupied by Tuesday Morning, a home goods retailer, in the Trainer’s Corner shopping center, just outside Quakertown.
Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, opened its newest location last week at 244 N. West End Blvd. in Richland Township.
WFMZ-TV | Ryan Kneller
Rally House Trainers Corner, located between Petco and Harbor Freight, is the company’s 15th store in the Philadelphia region and first location in the Quakertown area.
“Fans have been coming by all week and couldn’t wait to see us open!” said Ashley Bear, Rally House’s district manager, in a news release. “Once we opened, customers were in awe right when they stepped in about the size of the store and selection of product and teams to shop.”
Rally House traces its origins to 1989, when Tim and Mabel “Peg” Liebert started “Mabel’s Kitchen,” a catalog featuring Kansas-related apparel, gifts and other merchandise.
Mabel’s Kitchen evolved into another business, “Kansas Sampler,” which featured five Kansas City area stores selling Kansas Jayhawks, Kansas State Wildcats, Kansas City Chiefs and Kansas City Royals gear.
The company experienced great success, and the Lieberts eventually decided to expand the business to other markets under the “Rally House” name in 2008, according to a company description.
Today, the Kansas-based Rally House has more than 190 locations across 18 states.
The new Quakertown area store supplements more than a dozen other regional locations, including a Lehigh Valley shop in Lower Macungie Township, two other Bucks County stores and several locations in Montgomery County.
The Lehigh Valley’s only Rally House location operates at the Hamilton Crossings shopping center in Lower Macungie Township.
Ryan Kneller
Rally House stays true to its roots by providing “an impeccable selection of local and team-related apparel and gifts, including exclusive designs available only at Rally House,” according to the company’s website.
Regional stores offer a wide array of merchandise, including clothing, blankets, glassware and signs, featuring logos and designs of local NCAA, NFL, MLB, NBA, NHL, and MLS teams in addition to locally inspired apparel, gifts and food.
“Customer satisfaction is a top priority for Rally House Trainers Corner, so this location carries only the best brands available, including big names such as ’47, Antigua, New Era, Nike, and Tommy Bahama,” the news release states.
“Fans will also appreciate the vast selection of teams in stock, like the Philadelphia Phillies, Flyers, 76ers, Union, and Eagles, as well as area college teams with Penn State, Temple, Villanova, and more.
Customers can browse apparel such as T-shirts, sweatshirts, coats and shorts, along with footwear and fashion accessories such as slippers, hats, scarves and jewelry.
A wide variety of other gifts and home decor include items such as glassware, coasters, stickers, magnets, wall plaques, license plate frames, plush toys, socks and baby items.
No two Rally House stores are identical.
“They each carry merchandise customized and tailored to the specific collegiate and professional teams in that area,” a message on the company’s website reads.
“In additional to team apparel, Rally House offers a wide selection of local styles. This includes our very own exclusive line of RALLY Brand™ merchandise. The same items we have in our stores can also be found online at any time. We want to make things as easy and seamless as possible for fans who want to show their unique team spirit, regardless of wherever they live or shop.”
In addition to selling items relating to local sports teams, Rally House also works in conjunction with local sports stars and celebrities. These partnerships manifest themselves in the form of ticket giveaways, autograph sessions, radio remote contests and meet-and-greet events.
The Rally House Trainers Corner store is open 10 a.m. to 9 p.m. Monday through Saturday and 11 a.m. to 6 p.m. Sundays.
For more information, call 215-804-4298 or visit the store’s website.
RICHLAND TWP., Pa. – Eagles, Flyers, 76ers and Phillies fans will soon have a new spot to score jerseys, hats and other fan gear in upper Bucks County.
Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NFL and MLS teams, is planning to open a new location in a few months at 244 N. West End Blvd. in Richland Township.
A new Rally House store will fill the space previously occupied by Tuesday Morning, a home goods retailer, in the Trainer’s Corner shopping center, just outside Quakertown.
Ryan Kneller
The new store will fill the space previously occupied by Tuesday Morning, a home goods retailer, in the Trainer’s Corner shopping center, just outside Quakertown.
“We are opening a new Rally House location in Quakertown and excited to get it open to residents and fans,” stated Colin Novick, Rally House’s media and production manager. “We are aiming to have this store open in early spring in April.”
Rally House traces its origins to 1989, when Tim and Mabel “Peg” Liebert started “Mabel’s Kitchen,” a catalog featuring Kansas-related apparel, gifts and other merchandise.
Mabel’s Kitchen evolved into another business, “Kansas Sampler,” which featured five Kansas City area stores selling Kansas Jayhawks, Kansas State Wildcats, Kansas City Chiefs and Kansas City Royals gear.
The company experienced great success, and the Lieberts eventually decided to expand the business to other markets under the “Rally House” name in 2008, according to a company description.
Today, Rally House has more than 180 locations across 18 states. The new Quakertown area store will supplement more than a dozen other regional locations, including a Lehigh Valley shop in Lower Macungie Township, two other Bucks County stores and several locations in Montgomery County.
Rally House stays true to its roots by providing “an impeccable selection of local and team-related apparel and gifts, including exclusive designs available only at Rally House,” according to the company’s website.
Regional stores offer a wide array of merchandise, including clothing, blankets, glassware and signs, featuring logos and designs of Philadelphia and surrounding area teams.
The Lehigh Valley’s only Rally House location operates at the Hamilton Crossings shopping center in Lower Macungie Township.
Ryan Kneller
Customers at the Lehigh Valley store, for example, can shop plenty of Philadelphia Eagles, Flyers, 76ers and Phillies items, along with merchandise showcasing designs of various regional universities, including Lehigh, Kutztown, Penn State, Temple, Villanova, Drexel, St. Joseph’s and West Chester.
Other area sports teams, including Lehigh Valley IronPigs and Philadelphia Union, are also represented.
Philadelphia area teams are primarily featured, but there is also a selection of merchandise featuring other popular teams such as the New York Yankees, Pittsburgh Steelers and New York Giants.
Customers can browse apparel such as T-shirts, sweatshirts, coats and shorts, along with footwear and fashion accessories such as slippers, hats, scarves and jewelry.
A wide variety of other gifts and home décor include items such as glassware, coasters, garden gnomes and flags, foam fingers, stuffed animals, keychains, pens, pennants, ornaments, cornhole boards, trash cans, calendars and umbrellas.
“Much like each person, no two Rally House stores are identical,” a message on the company’s website reads.
“They each carry merchandise customized and tailored to the specific collegiate and professional teams in that area. In additional to team apparel, Rally House offers a wide selection of local styles. This includes our very own exclusive line of RALLY Brand™ merchandise. The same items we have in our stores can also be found online at any time. We want to make things as easy and seamless as possible for fans who want to show their unique team spirit, regardless of wherever they live or shop.”
In addition to selling items relating to local sports teams, Rally House also works in conjunction with local sports stars and celebrities. These partnerships manifest themselves in the form of ticket giveaways, autograph sessions, radio remote contests and meet-and-greet events.
For the latest Rally House updates, follow the business’ pages on Facebook and Instagram. Info: rallyhouse.com.
Allentown updates
New Wawa could take Brass Rail’s spot next to Sheetz
ALLENTOWN, Pa. – The Allentown Planning Commission discussed a preliminary/final land development plan for a proposed Wawa convenience store Tuesday afternoon at city hall.
The proposal is offered for 3015 Lehigh St., the site of the former Brass Rail property. The plan involves consolidating two of the three existing lots, demolishing existing features on the consolidated lot and constructing the convenience store.
Should the proposed Wawa come to fruition, it would operate about 100 yards away from a Sheetz convenience store and gas station. Sheetz opened in August 2023 at the southeast corner of Lehigh Street and 29th Street, near Auto Zone. Additional nearby convenience stores and gas stations include a Turkey Hill on the other side of Sheetz and another Wawa about a mile north on Lehigh Street. Full story here.
Randevoo offers a variety of specialty sushi rolls, including “Slappin’ Salmon” (cucumber, New Zealand king salmon, mango habanero sauce and crispy garlic).
Randevoo
Downtown Allentown Market welcomes new food vendor, says goodbye to another
ALLENTOWN, Pa. – The new year is bringing more changes to the Downtown Allentown Market, with one food vendor recently setting up shop and another bidding farewell.
Joining the 27 N. Seventh St. market is Randevoo, offering a twist on traditional Asian fusion cuisine.
Randevoo held a soft opening on Jan. 5 in space that was previously occupied by two other Asian concepts, Shinsen and Honmono Sushi, the latter of which closed in June following the owner’s move to Florida. Read more here.
Lower Macungie news
Lower Macungie planners recommend approval for Topgolf
L. MACUNGIE TWP., Pa. – The Lower Macungie Township Planning Commission recommend approval of a preliminary/final plan of an open-air entertainment facility Tuesday night at the administration building.
The plan, offered by Jaindl Land Co., involves the proposed Topgolf facility at the Lehigh Valley Town Center, slated for 361 Schantz Road and 4511 Cedarbrook Road. The proposed Topgolf and Town Center have already received conditional use approval.
Tuesday night’s recommendation involved the Topgolf facility, which includes a 72-bay golf driving range with a two-story, 20,460-square-foot building and associated parking on 11.5 acres within the Lehigh Valley Town Center. Topgolf will have site access from a private drive in association with the Town Center development. Read more.
The Car Wash on Hamilton is expected to open by the end of January at 6794 Hamilton Blvd in Lower Macungie Township.
Ryan Kneller
New Lehigh County car wash to open later this month, joining 2 sister locations
LOWER MACUNGIE TWP., Pa. – Drivers looking to keep their vehicles in tip-top shape will soon have a new car wash to frequent in the Lehigh Valley.
The Car Wash on Hamilton, committed to providing customers with a “seamless and efficient car wash experience,” is expected to open by the end of January at 6794 Hamilton Blvd. in Lower Macungie Township.
The newly constructed car wash, totaling around 4,000 square feet, will supplement two sister locations: The Car Wash on Broadway, which opened in 2015 at 4540 Broadway in South Whitehall Township, and The Car Wash on West Main, which opened in October at 200 W. Main St. in Macungie. Full story here.
Bethlehem area buzz
Bethlehem restaurant closes, but owners continuing to serve customers via food trailers
BETHLEHEM, Pa. – The owners of a Bethlehem restaurant, serving up burgers, ice cream and more, have closed their eatery to focus on mobile operations.
Husband and wife Norman and Jill Matthews of Bangor have decided to shutter their 3.5-year-old south Bethlehem eatery, Dinky’s Ice Cream Parlor & Grill, and transition to a “completely mobile” business model, according to a post on Dinky’s Facebook page.
“That means we have two trailers, one that is just purely ice cream and the other is a food/ice cream truck,” they announced on the business’ Facebook page. “We will be going to different events, fairs, parties, food truck gatherings and hopefully breweries in the in the surrounding areas. Then we can get caught up with our loyal customers. Read more here.
Hummus House has rebranded to HandHeldz on East Third Street in south Bethlehem.
Ryan Kneller
Family-run restaurant rebrands with new name, look in Bethlehem
BETHLEHEM, Pa. – A popular fast-casual eatery, serving “gourmet quality comfort food,” is kicking off the new year with some changes in Northampton County.
Hummus House, a family-run restaurant known for its fresh sandwiches, salads, wraps and more, has rebranded to HandHeldz at 518 E. Third St. on Bethlehem’s South Side.
New signage was installed on Monday, and the business’ first day as HandHeldz was on Tuesday. Read more.
Powerballers Athletic Center opened in late November at 2550 Brodhead Road in Bethlehem Township.
Ryan Kneller
New expansive facility offers prime training space for athletes, teams in Northampton County
BETHLEHEM TWP., Pa. – A new indoor training facility is helping sports teams, clubs and athletes stay at the top of their game in the Lehigh Valley.
Powerballers Athletic Center, offering year-round training opportunities and a top-tier environment where youth and individuals of all ages can passionately pursue and enjoy their sport, opened in late November at 2550 Brodhead Road in Bethlehem Township.
The 14,000-square-foot facility features 10,000 square feet of flexible turf space, over 1,200 square feet of strength training space, batting cages, certified coaches and a climate-controlled environment. Full story here.
Expanding businesses
HiJinx Brewing Company to bring ‘fun and friendly’ vibe to 2nd Lehigh Valley location
A popular Allentown brewery is expanding its footprint in Lehigh County.
HiJinx Brewing Company, producing a wide array of craft beers that include IPAs, pilsners, porters and stouts, on Thursday announced plans to open an additional location at Sports Factory of the Lehigh Valley, 6616 Ruppsville Road, Upper Macungie Township.
The new location will supplement HiJinx’s original taproom and production facility, a 4,000-square-foot venue that opened in 2014 at the Allentown Economic Development Corporation’s Bridgeworks Enterprise Center, 905 Harrison St., Allentown. The brewery is in Suite 111. Read more here.
HiJinx Brewing Company
A-Treat Birch Beer expands as a fountain soda option at more Lehigh Valley restaurants
A month after announcing a partnership with Lehigh Valley hot dog shop chain Yocco’s, Jaindl Beverage Company – owner of A-Treat soda brand – has announced more local venues carrying A-Treat soda on tap.
In addition to being served at all five Yocco’s locations, A-Treat Birch Beer is now available as a fountain drink at Westside Grill in Upper Macungie Township, Wild Turkey Grill (at The Club at Twin Lakes) in North Whitehall Township and Moselem Springs Golf Club in Richmond Township, Berks County.
Westside Grill, Wild Turkey Grill and Moselem Springs Golf Club are owned by Jaindl Land Development. Read more.
Odds and ends
‘The store of the future’: Dave & Buster’s gears up for grand reopening after remodel
WHITEHALL, Pa. – A popular entertainment facility is ready to level up its services in Lehigh County.
Dave & Buster’s, the entertainment and dining chain that invites guests to “eat, drink, play and watch,” on Friday debuted its reimagined Lehigh Valley location on Friday.
The Whitehall Township location, at 1491 MacArthur Road, opened in October 2020 at a Lehigh Valley Mall outparcel, which was previously home to Friendly’s and Wendy’s restaurants as well as an office building. Full story here.
Dave & Buster’s has undergone extensive renovations at 1491 MacArthur Road in Whitehall Township.
Ryan Kneller
The Promenade Shops welcomes new tenant, hosting ‘Wonderland on Main’ event
UPPER SAUCON TWP., Pa. – The new year has brought a new tenant to The Promenade Shops at Saucon Valley.
Fulton Bank, offering a broad array of financial products and services in Pennsylvania, New Jersey, Maryland, Delaware and Virginia, on Monday opened its newest Lehigh Valley branch at 3060 Center Valley Parkway, Suite 839, Upper Saucon Township.
The branch offers a variety of services, including deposits, loans, check cashing and safe deposit boxes. Read more here.
Galen Glen Winery operates at 255 Winter Mountain Drive in the Andreas section of West Penn Township, Schuylkill County.
Ryan Kneller
Schuylkill County winery earns ‘best white wine’ in Pa. distinction from prominent wine critic
WEST PENN TWP., Pa. – A Schuylkill County winery is making a splash in 2024, with high praise on a well-known wine media platform.
Galen Glen Winery, at 255 Winter Mountain Drive in the Andreas section of West Penn Township, earlier this week received acclaim on JamesSuckling.com, a prominent wine media platform and events company with offices in Hong Kong.
Senior Editor Stuart Pigott labeled the Galen Glen Riesling Lehigh Valley Stone Cellar 2022 as “the best white wine he has ever tasted from Pennsylvania,” according to a Weekly Tasting Report. Read more.
Berks buzz
‘Stay and sip a while’: Folino Estate owners open 2nd Vintner’s Table wine bar and restaurant
WYOMISSING, Pa. – The owners of Folino Estate Winery near Kutztown have opened another tasty venue in Berks County.
Husband and wife Marco and Andrea Folino, who opened Folino Estate in Greenwich Township in 2015, on Tuesday opened a second location of Vintner’s Table – a wine bar and restaurant serving up Folino’s hand-crafted, award-winning wines along with charcuterie and light bites – at 945 Hill Have. Suite 100 in Wyomissing.
“We welcome you to reserve a seat at our table,” an announcement on Vintner’s Table’s Facebook page reads. “Our menu was a labor of love carefully curated to bring you an elevated dining experience full of rustic Italian flavors paired with our award winning wines in a chic and cozy atmosphere that invites you to stay and sip a while.” Full story here.
Folino Estate owners Marco and Andrea Folino pose with their son, Teodoro, in their new Vintner’s Table location in Wyomissing.
Vintner’s Table
New golf simulator at Sly Fox has golfers hitting the virtual links
WYOMISSING, Pa. – There’s a new gathering place inside an already familiar spot in Wyomissing that can transport you to dozens of golf courses around the world.
While it’s winter outside, the basement of Sly Fox Brewing, dubbed the Foxskeller, features a whole different vibe.
Golfers are teeing up and taking their swings on brand new golf simulators. Read more here.
Tom Rader | WFMZ-TV
Vinyl enthusiasts to descend on Leesport Farmers Market this weekend for ‘Record Riot’
ONTELAUNEE TWP., Pa. – It’s about the search for something special.
“Number one, I’m a collector. All these guys that sell records they all are interested in records, so I’m looking at his records saying ‘What does he have?’ And I saw something I want to buy,” said Record Riot event organizer Stephen Gritzan.
Thumbing through crates of creative work put to vinyl is a physical interaction that seems increasingly rare. Read more.
By Moe’s Southwest Grill
‘Heavy heart’: Moe’s Southwest Grill location to close after 10 years in Berks County
EXETER TWP., Pa. – An eatery serving up made-to-order burritos, quesadillas, nachos and tacos is ending operations this weekend in Berks County.
A location of Moe’s Southwest Grill, a fast-casual restaurant franchise serving “high quality and fresh southwestern food,” will close on Sunday at 4725 Perkiomen Ave. in Exeter Township.
The restaurant is located in the Exeter Commons, between a Fine Wine & Good Spirits store and L.A. Nails Day Spa. Full story here.
Closing notes
Rite Aid closes Bethlehem store, with another Lehigh Valley location set to shutter on Jan. 15
Two Rite Aid stores in the Lehigh Valley are ceasing operations this month, joining several other regional locations of the pharmacy chain that closed in 2023.
First, a Rite Aid store at 104 E. Third St. on Bethlehem’s South Side shuttered on Wednesday, Jan. 10, according to storefront signage, addressed “Attention: store closure.” Read more here.
A Rite Aid store, at 6822 Hamilton Blvd. in Lower Macungie Township, is set to close on Jan. 15.
Ryan Kneller
American Eagle Outfitters closing Lehigh Valley store
PALMER TWP., Pa. – A well-known clothing retailer is reducing its brick-and-mortar footprint in the Lehigh Valley.
American Eagle Outfitters, a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products, will close its American Eagle store at the Palmer Park Mall in Palmer Township on Jan. 20, a store manager said.
The manager could not comment on the reasons surrounding the upcoming closure. Read more.
American Eagle Outfitters, a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products, will close its American Eagle store at the Palmer Park Mall in Palmer Township on Jan. 20.
Discount variety store closes in Easton area
PALMER TWP., Pa. – A destination for affordable snacks, household items, party supplies and more has closed in Northampton County.
One Dollar Zone!, a discount variety store “where you can find trusted brands and thousands of great quality items for as low as $1.00,” closed a couple of weeks ago at 785 S. 25th St. in Palmer Township.
It’s unclear what led to the store’s closure. A company representative did not return a message seeking more information, and a sign on the door simply reads, “WE ARE CLOSED.” Full story here.
National metrics found that the median sale price was $364,250 in the four weeks ending December 24. This was a 4.5% change year-over-year and the biggest increase seen since October 2022. This was caused by the rapid rise of mortgage rates hampering prices during the previous year. New listings reached 53,243 the biggest increase since … [Read more…]
It’s time to check out “Toll Brothers Mortgage,” which is a subsidiary of home builder Toll Brothers.
Toll Brothers is one of the largest home builders in the United States, priding itself on being a luxury home builder.
Instead of relying on third-party lenders to provide financing to their customers, they have a built-in financing division.
This allows them to oversee the process firsthand and navigate the complexities of new construction financing.
They say they’ve got a proven track record of smooth closings, and if they can offer you a mortgage rate the other guys can’t, they could be worth looking into.
Toll Brothers Mortgage Fast Facts
Direct-to-consumer retail mortgage lender
Provides new construction lending and home purchase loans
Parent company is nation’s 5th largest home builder
Founded in 1967, headquartered in Fort Washington, PA
Licensed to do business in 24 states nationwide and D.C.
Funded nearly $2 billion in home loans last year
Most active in California, Pennsylvania, and Texas
Offers mortgage rate specials to Toll Brothers customers
Also operates a full-service title and insurance company
As noted, Toll Brothers is a major home builder, the fifth largest at last glance, behind only D.R. Horton, Lennar, Pulte, and NVR.
They are a publicly-traded company (NYSE:TOL) and are currently valued at around $9 billion.
The company was founded in 1967 and refers to itself as the nation’s leading builder of luxury homes.
This includes both new construction homes and quick move-in homes. The company’s dedicated mortgage division is known as Toll Brothers Mortgage Company, or TBI Mortgage for short.
They exist solely to serve Toll Brothers customers who need to finance their new home purchases, and have about 77 loan officers on staff, per the NMLS.
In 2022, the company funded a healthy $2 billion in home loans, with 20% of volume coming from the states of California and Texas, and another 9% from Pennsylvania.
The company also did a lot of business in Arizona, Colorado, Florida, Idaho, Nevada, and Virginia.
They are licensed to lend in Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
Those purchasing a Toll Brothers home can also take advantage of in-house title, escrow, and insurance services via Toll Brothers Insurance Agency.
How to Get Started
To begin, you can visit a new home sales office or simply check out their website.
If you go online, they have a contact form and a loan officer directory that lists individual employees by state.
They can provide loan pricing and answer mortgage questions you might have about the loan process.
If you’re ready to proceed, they’ll ask you to complete a mortgage pre-qualification questionnaire and create a secure Toll Brothers account.
Within 14 days of signing a home purchase agreement, you’ll be asked to submit the loan application and upload required documents.
Their digital loan application is powered by ICE (formerly Ellie Mae). It allows borrowers to start the process from any device and complete most tasks electronically.
This includes linking accounts like pay stubs, tax returns, bank statements, along with eSigning necessary disclosures.
If approved, they’ll provide you with a loan commitment, as well as conditions needed to fund your loan.
Importantly, the loan approvals are valid through the completion of your home. And are integrated with Toll Brothers to sync with the builder process.
Since building a new construction home can take up to 12 months, their loan process may have longer timelines than a typical existing home purchase.
But they also offer quick move-in properties, in which case the process will likely only be 30 to 45 days.
Loan Programs Offered
Home purchase loans
Conventional loans backed by Fannie Mae and Freddie Mac
FHA loans
VA loans
Fixed-rate mortgages: terms ranging from 10 to 30 years
Adjustable-rate mortgages: initial fixed terms of 3, 5, 7, 10, or 15 years
Available on primary residences, second homes, and investment properties
While Toll Brothers Mortgage only offers home purchase loans (no mortgage refinances), they have a decent loan menu.
This includes all the usual offerings such as conforming loans backed by Fannie/Freddie, jumbo loans, FHA loans, and VA loans.
The only loan programs they appear to be missing are USDA loans and second mortgages, though these aren’t widely used by home buyers these days.
They’ve got a good selection of both fixed-rate mortgages and adjustable-rate mortgages, including a 10-year fixed and 15-year fixed.
With regard to the adjustable-rate loans, they’ve got the 5/6 ARM, 7/6 ARM, and even an ARM with an initial fixed term of 15 years.
And you can get an ARM if taking out an FHA loan or VA loan, which is less common.
So there’s no shortage of loan programs, and they finance primary residences, second homes and investment properties.
Toll Brothers Mortgage Rates and Fees
Like other mortgage lenders, they do not have a page dedicated to mortgage rates, nor are they publicized elsewhere.
Instead, they simply say they offer “competitive rates,” which obviously doesn’t give us a lot to go on.
However, they offer personalized financing packages and there’s a good chance they’ve got some special financing offers unique to home builders.
If you browse the Toll Brothers main website, you might see specials for certain communities.
I came across an exclusive offer of 5.99% on a 30-year fixed while rates are closer to 7.5% at the moment.
Lately, the captive mortgage lenders of home builders have been hard to beat, thanks to their big temporary and permanent mortgage rate buydowns.
Many are offering rates well below market if you buy certain homes by a specific date.
But always take the time to compare their rates and fees to outside lenders as well. You’ll never know what else is out there if you don’t put in the time to look.
LockSolid Rate Protection program
Since the home building process can take time, Toll Brothers Mortgage offers a special mortgage rate program called “LockSolid Rate Protection.”
Since It allows home buyers to lock in a mortgage rate for up to 345 days, with no cost until loan closing.
The up-front lock deposit is advanced by Toll Brothers, giving buyers peace of mind in an uncertain mortgage rate environment.
Additionally, a float down option is available on many programs. So if rates happen to fall below the rate you locked in within 30 – 45 days of closing, they can re-lock your loan at a better price.
The program is available on both fixed- and adjustable-rate mortgages offered by the company.
Just keep in mind that it doesn’t always make sense to lock in a rate well ahead of time. If you have an extended time horizon, floating your mortgage rate can provide more opportunities.
It’s also generally cheaper to lock in a rate with a shorter lock period.
Toll Brothers Mortgage Reviews
There aren’t a ton of reviews for Toll Brothers Mortgage specifically, though I did come across some.
Over at Zillow, they have a pretty poor 1.36/5-star rating from about a dozen reviews. Not a big sample size, but not glowing reviews either.
Similarly, they have a 1.8/5 from another dozen mortgage reviews on Google for their Fort Washington, PA headquarters.
They have a 5-star rating on Redfin, but it’s only from three reviews. Meanwhile, their parent company has a 1.12/5 rating on the Better Business Bureau (BBB) website from 85 reviews.
However, the company maintains an ‘A+’ rating based on customer complaint history, so they appear to handle issues that come up appropriately.
Take the time to read the customer reviews and complaints to see what the common issues are, and how you might be able to avoid them.
At the end of the day, using the builder’s lender can make sense if they offer a below-market mortgage rate.
There’s also the perception that they’re in better sync with the builder as the companies operate under the same parent.
But based on the complaints, this isn’t always the case. So be sure to shop around and get quotes from other mortgage companies and some independent mortgage brokers too.
Even if you do decide to use Toll Brothers Mortgage, you can use those other quotes to negotiate a better deal.
Toll Brothers Mortgage Pros and Cons
The Good Stuff
Can apply for a home loan online
Offer a digital, mostly paperless application powered by ICE
Loan approvals good through completion of your home
May offer special financing incentives to Toll Brothers customers
Lots of loan programs to choose from including ARMs
LockSolid Rate Protection program
A+ BBB rating
Mortgage glossary and mortgage calculator online
The Maybe Not
Only licensed in a handful of states where they build homes
The Greater Houston region is the fifth largest metro area in the nation. That features Houston and five other cities with a population of over 100,000, including The Woodlands, Sugar Land, Pasadena, Pearland and League City. And many places in the metro carry a high cost of living and elevated rent prices.
They say everything is bigger in Texas. But around Houston, you can find some of the cheapest big city Texas rents in these 10 cheap cities near Houston, including H-Town itself. The list includes both large suburbs and small ones. Some are adjacent to the city proper, and some are in the outskirts outside Beltway 8. The following cities carry the lowest rents in Greater Houston for an average two-bedroom apartment.
Average 2-BR rent: $1,637
Rent change since 2021: +23.08%
The 10th cheapest city near Houston is, in fact, Houston. The fourth-largest city in North America, Houston is a city of many facets. It’s a college town and a sports town. It’s a port city and an oil city. It’s a culture city and a space city. No wonder it’s been named the most diverse city in the U.S. And it’s also one of the most LGBTQA-friendly cities, as well, and celebrates one of the largest annual Pride parades in the world.
Not only does Houston take pride in its diversity, but it also enjoys a diverse economy. At its heart, Houston is, of course, an energy town. The city’s largest employer remains Phillips 66. But it’s also grown in other industries, including aeronautics, biomedical research, technology and education. It’s been ranked among the top cities for job creation, paycheck worth and the overall best place for business and careers.
Houston is also a sprawling city. Along with a gleaming The Loop downtown, there are several business and commerce hubs around the city. Westchase, Midtown, Uptown, Greenway Plaza, Memorial City, Greensport and more can claim second downtown status. And at a rent of $1,637 a month for an average two-bedroom, it’s one of the more affordable top-tier large cities in the nation. However, that represents an over 23 percent jump from last year.
Average 2-BR rent: $1,445
Rent change since 2021: +17.5%
The view is very nice from here. The stunning seaside city of Seabrook sits along the shore of Galveston Bay. The resort town is a haven for full-time residents, snowbirds and tourists alike. Both down Waterfront Drive on the Clear Creek channel and downtown along Bayfront Boulevard are a plethora of fish markets, antique shops, bed & breakfasts and fresh seafood restaurants.
Seabrook also features a bevy of parks and green spaces. Most of the city’s parks have a trail network that runs eight miles from Pine Gully Park to Rex L. Meador Park. The latter is also home to the annual Lucky Trails Marathon.
The city’s bayfront is a resort coast attracting water lovers from all around with marinas, restaurants and hotels. But Seabrook is also a relatively affordable spot for local renters. Just $1,445 a month will rent you an average two-bedroom unit. That’s in spite of a jump in rents year to year of 17.48 percent.
Average 2-BR rent: $1,435
Rent change since 2021: +18.7%
Everything is bigger in Texas. And some things are getting even bigger. The city of Conroe was the fastest growing city in the entire nation between mid-2015 and mid-2016. That’s nothing new for the city of 92,000. Conroe, a large city itself, is essentially a large suburb of The Woodlands, itself a large suburb of Houston.
Average rents for a Conroe two-bedroom list for just $1,435 monthly. And that’s including a nearly 19 percent increase from a year ago. Despite its distance from Houston, it’s a popular commuter bedroom community, a 45-minute ride into downtown.
But there’s also plenty for Conroevians right in their own city. Conroe’s downtown is a Texas cultural arts hub, anchored by the 90-year old Crighton Theatre and the Owen Theatre. Outdoor venue spaces are at Conroe Founder’s Plaza and Heritage Place. Music organizations include Conroe Symphony, Conroe Art League and Montgomery County Choral Society.
As well, Conroe is a park-lovers oasis. The city rings the southern shore of Lake Conroe. Along the lake are a number of parks, paths, fishing piers, golf clubs and camping resorts. Closer to downtown are the Lone Star Monument and Historical Flag Park honoring the Texas flag and the Heritage Museum. On the city’s east side are the Lone Star Convention & Expo Center and the Montgomery County Fairgrounds.
Average 2-BR rent: $1,269
Rent change since 2021: +10.8%
The city of Galveston is not, in fact, the largest city in Galveston County. That honor goes to League City, halfway between the Gulf and Houston. This booming city doubled in population from 2000 to 2010 and grew an additional 30 percent in the last decade. League City has grown nearly seven-fold since 1980.
What league, you may ask? The name League City is for a man, actually. J. C. League was the visionary that laid out the city in the 1890s. But you can attribute the city’s modern-day boom to two factors. First, real estate costs in Galveston skyrocketed, and many migrated north to League City. That coincided with the rising popularity of several waterside resorts along Clear Lake, attracting visitors down from Houston. Among these within League City are Waterford Harbor Yacht Club Marina and South Shore Harbor Resort.
League City’s downtown radiates out from the intersection of Main Street and Texas Route 3. The district has numerous pizzerias and chain restaurants, big box stores and local bars. Rents for two-bedroom apartments average just $1,269 a month. That keeps it in the top 10 cheapest cities near Houston, despite a 10.83 percent jump over the last year.
Average 2-BR rent: $1,264
Rent change since 2021: +4.6%
Be it ever so humble, there’s no place like home. And for 16,000 Texans, home is the northeast Houston suburb of Humble. Humble is a commuter’s dream, lying just north of Beltway 8 and directly across I-69 from George Bush Airport. And for all that convenience, a two-bedroom apartment rents for just $1,264 monthly on average.
Humble began life as a prototypical turn-of-the-century oil boomtown. Its oilfield was at one time the biggest-producing field in Texas. The Humble Oil & Refining Company, dating back over 110 years, is the direct predecessor of Exxon.
Today, the city’s lively downtown main street anchors the super-regional 130-store Deerbrook Mall. Many other restaurants and shopping centers line the I-69 service roads and Farm to Market 1960 Bypass Road. Just to the south are Memorial Hermann Northeast Hospital and the Humble Museum. And the big annual event is the PGA Tour’s Shell Houston Open, held each year at Humble’s Golf Club of Houston.
Average 2-BR rent: $1,224
Rent change since 2021: +23%
One of the smaller towns on this list, Webster benefits greatly from its location. The town of just 12,000 sits in the heart of the Clear Lake region. It’s adjacent to the Clear Lake City section of southeast Houston and north of Clear Creek from the port suburbs. And sitting right alongside Johnson Space Center (JSC), many NASA employees enjoy living in Webster.
Along with aerospace engineers, Webster is a key bedroom community for tech workers from around the Clear Lake area. Its streets house a variety of software, biotech and electronics professionals along with industry support personnel. Even highly-paid tech workers benefit from Webster’s cheap rents. A two-bedroom apartment leases for an average of just $1,224 a month.
Thanks to its proximity to JSC, Webster also benefits from Clear Lake’s space and resort tourism boom. For a town so small, it features at least a dozen hotels. It’s also home to HCA Houston Healthcare Clear Lake medical campus. And it’s just across the street from the super-regional Baybrook Mall, which features more than 220 stores.
Average 2-BR rent: $1,182
Rent change since 2021: +13.4%
Texas is oil country, for sure. But oil is the entire reason Baytown exists. After World War II, three major oil boomtowns consolidated into today’s Baytown. Dominating the Houston Ship Channel eastern shore, Baytown is still home to several of the world’s largest industrial facilities. There are massive sites run by Covestro, Chevron Phillips and ExxonMobil. Additionally, Baytown is home to the hefty Jindal Steel mill and Cedar Port Industrial Park, the fifth largest such complex in the world.
But all those petroleum and industrial workers have to live somewhere, and many choose to live right there in Baytown. Much of that is due to the city’s affordability. The monthly rent for a two-bedroom is just $1,182 on average. And it remains that cheap, despite a 13.44 percent jump in lease price from last year.
Thankfully, there’s more to Baytown than just live and work. There’s plenty of play. One standout feature is the Downtown Arts District. This arts campus includes Baytown Little Theater, Lee College Performing Arts Center and Art Gallery of Baytown. The lush Baytown Nature Center inhabits a large peninsula splitting Crystal and Scott Bay. And it’s also home to Houston Raceway Park, the location of the NHRA SpringNationals drag racing event.
Average 2-BR rent: $1,075
Rent change since 2021: N/A
What better city in Texas is there to live in than Texas City? That’s particularly true if you work in one of Galveston Bay’s several energy and manufacturing industries. The bustling deepwater port is home to a number of heavy industry consortiums, container shipping firms and petrochemical refineries. In fact, the Texas City Industrial Complex is the hub of the petrochemical industry.
And it’s within this frame that lies Texas City’s most infamous day. In 1947, two enormous explosions destroyed three petroleum ships that killed hundreds and leveled the port and the city. But Texas City rebuilt, earning the nickname “The Town That Would Not Die.” Today, it’s a busy port city and a cheap city near Houston. Rents here average just $1,075 a month for a two-bedroom.
There’s a lot more to Texas City than oil, especially if you enjoy the outdoors. The city maintains over 40 parks, including several along the Great Texas Coastal Birding Trail. Additionally, the Texas City Prairie Preserve is a 2,300-acre wetland habitat with access to public hiking and camping.
Near the city center is Bay Street Park and Nessler Park Family Aquatic Center. Texas City is also home to the Houston area’s Tanger Outlet mall and College of the Mainland.
Average 2-BR rent: $1,025
Rent change since 2021: +0.8%
Looking for the cheapest suburb in Greater Houston? Look to the southeast at the popular town of Pasadena. With an average rent of $1,025 monthly, the connecting ‘burb carries the most affordable rent of any spot in commuting distance of Downtown.
With a population of over 150,000, Pasadena is the second-largest city in Harris County after Houston itself. Commuters enjoy its proximity to key Houston neighborhoods. It also offers easy access to Beltway 8 and Sam Houston Tollway, which intersect Pasadena Freeway in the suburb’s northeast section.
But Pasadena is convenient to more than just The Loop. The Houston Ship Channel, Bayport Industrial District and Johnson Space Center are all within a few minutes of Pasadena. The city also features plenty of culture all its own, of many facets. Pasadena offers its own philharmonic and orchestra, livestock show and rodeo and historical museum. It calls itself the “Strawberry Capital of the South” and holds an annual strawberry festival. And it’s also where the classic feature “Urban Cowboy” took place.
Not only is Pasadena directly connected to Houston, but it also has a continuous path to the Gulf. Pasadena’s Armand Bayou Nature Center at the city’s southern tip is the largest urban wilderness preserve in the nation. Bisecting it is its eponymous bayou. The Bayou waterway empties into Mud Lake and then into Clear Lake. Those lakes sweep past the Bayport Channel and out into Galveston Bay.
Average 2-BR rent: $825
Rent change since 2021: -1.2%
If you don’t mind a little distance, you can find the cheapest city near Houston up north in Huntsville. Just $825 a month on average will snag you a nice two-bedroom unit in the Walker County seat. In fact, Huntsville is the only city near Houston with an average two-bedroom rent under a grand.
But why would one want to live an hour outside the city? That’s because the city of nearly 46,000 has plenty of life all its own. Just ask Sam Houston, the namesake for the big city to the south. Not only did Houston live in Huntsville for many years, but it’s also where he’s buried.
If you’re burning for a deeper dive into Sam Houston’s history, visit the Huntsville museum created in his honor. And if that’s not enough, his visage in “A Tribute to Courage” goes for miles along I-45. The 67-foot high statue of Houston is the tallest of any single historical figure in the country. Everything is bigger in Texas. Except for rents in Huntsville.
And the economy in Huntsville is nearly recession-proof. The city’s two largest employers are in industries that will always thrive. The Texas Department of Criminal Justice employs over 6,700, including at the city’s Texas Prison Museum. Huntsville is also home to Sam Houston State University and its 20,000 students.
Find an apartment near Houston
We don’t have a problem finding these 10 cheap cities near Houston for renters. From north of The Woodlands south to Galveston Bay, you can find an affordable two-bedroom in Greater Houston.
Which cities near Houston are right for your budget? Check out all the available apartments in Houston and metro H-Town on Rent..
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of February 2021. Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Before becoming a Realtor, Brett Rosenthal worked as a real estate attorney. Today, he joins us to talk about his transition to real estate sales and the strategies that helped him find fast success in his new career. Brett shares ways to get more, better leads and covers the art of building rapport when in front of potential clients. This podcast also features market predictions and advice for new real estate agents.
Listen to today’s show and learn:
About Brett Rosenthal [1:03]
Brett’s transition from real estate law to real estate sales [2:05]
How a legal background may help your real estate business [3:14]
Why Brett never turns down a deal [4:13]
Brett’s first year in real estate [5:12]
Why real estate agents shouldn’t only talk about real estate [6:17]
What it’s like starting a real estate team [9:17]
Alternative ways to win new business [10:30]
A trap that too many Realtors fall into [12:37]
Stats from Zillow on who consumers choose as their Realtor [14:38]
Brett’s follow-up plan [15:48]
Why Brett loves Follow Up Boss [17:11]
How Brett’s real estate sales have grown over time [24:01]
Crucial tasks for generating new business [25:25]
A realization that helped Caleb ramp up his repeat and referral business [27:33]
Strategies for getting more client reviews [29:25]
What’s worked best for Brett on social media [32:38]
The future of the Philadelphia real estate market [37:16]
A value proposition for investors [39:33]
Caleb’s real estate predictions [40:47]
Brett’s advice for new real estate agents [42:12]
Tips on getting your articles picked up by real estate websites [44:54]
Where to find and follow Brett Rosenthal [48:24]
Brett Rosenthal
As an experienced real estate professional, Brett is a member of the top unit producing, award-winning Revolve Philly Group at COMPASS. Their offices are located in Center City Philadelphia and they also work out of Manayunk, Chestnut Hill, Ardmore, and Blue Bell. Brett cover all areas of the City of Philadelphia and the surrounding suburbs, including the Main Line, Bucks County, Delaware and Montgomery County.
Brett has received numerous awards and recognition for his sales performance. He was recently ranked in Homesnap’s Top 5 Percent Realtors. Brett was awarded as a Top Real Estate Producer by Philadelphia Magazine. He is a member of the Pennsylvania and Montgomery County Association of Realtors®. Prior to real estate, Brett worked as a sales executive and manager for a business technology company and was an Attorney where he worked in Real Estate Law for a large NYC Law Firm. He received his real estate license in 2015 and focus on providing home buyers and sellers with professional, responsive and attentive real estate services. Brett understands the importance of listening to his clients to find them exactly what they want in a home. Skilled in effectively marketing all ranges of residential and commercial real estate, Brett offers assistance with single family homes, condos, multifamily properties and investment properties. He practices patience, clear communication, and skilled negotiation to work with his clients and adapt to their wants and needs.
Brett’s flexibility, listening skills and hard work ethic contribute to his success. He has had over 215 transactions over the last two years and can sell a home in all markets. Brett’s passion in Real Estate is also helping others succeed in the industry and am constantly looking to hire new agents for their team and help them have instant success. Active in his community, Brett coaches a youth ice hockey team and reside in Philadelphia. As a leader of the busy Revolve Philly Group, Brett has helped many Realtors without any experience at all start successful Real Estate careers and help tons of home buyers and sellers in the Philadelphia area with their home needs. Contact Brett, he would love to work with you!
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Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email. -Aaron Amuchastegui
RealtyTrac has released a new report that identifies potential bubble markets based upon three early warning signs.
There has been increased fear of another housing bubble for a while now, with some markets already identified as bubbles and others supposedly suffering from an affordability crisis.
Signs of a possible housing bubble include the following:
– A market that was less affordable in October 2014 than its peak price during the previous bubble between 2005 and 2008 – A market that was less affordable in October 2014 compared to its historical average since 2000 – A market with a rising foreclosure rate on loans originated this year compared to last year
Overall, the price of a median-priced home required 26% of median income in October in 475 counties nationwide.
This compares to a historical average of 28% going back to January 2000, and is still well below the 41% average seen in each county’s peak month during the most recent housing bubble.
In fact, just six counties were deemed less affordable in October than during their peak between 2005 and 2008, thanks in part to higher incomes and low mortgage rates.
The short list includes Suffolk County, Massachusetts, Travis County, Texas, Jefferson County, Alabama, Brazos County, Texas, Allegan County, Michigan, and Montgomery County, Tennessee.
These counties correspond to the metro areas of Boston, Austin, Birmingham, College Station, Grand Rapids, and Clarksville.
However, 21% of counties nationwide are now less affordable than their historic averages, including hot spots like Los Angeles, Orange County, San Francisco, Dallas, San Antonio, and even parts of Detroit.
Meanwhile, 37% of counties are reporting rising foreclosure rates on loans originated this year compared to last, including places like Chicago, San Diego, Brooklyn, Miami, Las Vegas, and Seattle.
And six percent (30%) of counties are both unaffordable by historic measures and experiencing rising foreclosure rates on recent loans.
This combined problem list includes places like the San Francisco metro area, Suffolk County, Orange County, Honolulu, Denver, the St. George, Utah metro area, and the Bend, Oregon metro area.
RealtyTrac vice president Daren Blomquist noted in the report that affordability and foreclosure rate by loan vintage are key metrics that help determine if a certain market is at risk of another pricing bubble.
He added that about 20% of markets have now surpassed their historical affordability norms, a “strong sign” that a bubble is forming or that appreciation will soon plateau until wages have a chance to catch up.
The fact that foreclosure rates are rising on new loans could be an indication that affordability is once again a concern as buyers stretch themselves too thin.
12% of Counties Have Reached New Home Price Peaks
In October, a total of 58 counties had higher median home prices than their prior peaks seen in 2005 to 2008.
The usual suspects made this list too, including San Fran, New York, Boston, and Denver, along with Charlotte, Raleigh, and Buffalo.
However, low interest rates are keeping homes in these highly sought-after areas affordable. But if rates rise and home prices continue to climb, the story could change in a hurry.
But nearly half (48%) of counties nationwide are still historically affordable and experiencing flat or declining foreclosure rates. So the whole nation isn’t yet at risk of another housing bubble.
The most affordable regions include Lansing, Syracuse, Cincinnati, Atlanta, and Buffalo.
There’s clearly some divergence in terms of affordability and home price peaks. Put another way, some areas of the country are experiencing new all-time highs but are still historically affordable.
The concerning thing is the unaffordable places, especially at a time when interest rates have never been lower. It doesn’t bode well for them or those at new highs, unless interest rates stay low forever.
Read more: When will the next housing crash take place?