Cane Island sold 91 homes in the last twelve months at a median of $580,000. The 80 homes currently for sale ask a median of $559,950. Those two numbers sit close enough to tell you something most Katy communities cannot claim. Sellers here ask roughly what buyers actually pay.
One more thing before you shop, because it trips up buyers constantly. Lakes of Cane Island is a different community. Similar name, neighboring land, completely different market. I cover that below.
What does a home in Cane Island cost?
The median sold price is $580,000 over the twelve months ending August 2026, across 91 closed sales. Median price per square foot is $189.27. The median home covers 3,047 square feet and dates from 2020.
| Sold, last 12 months | Active now | |
|---|---|---|
| Count | 91 | 80 |
| Median price | $580,000 | $559,950 |
| Median $/sq ft | $189.27 | $189.00 |
| Median size | 3,047 sq ft | 3,097 sq ft |
| Median year built | 2020 | 2020 |
| Median days on market | 42 | 50 |
I pulled these figures from HAR Matrix on August 28, 2026. I used a subdivision search rather than the master-planned community field. That field misses listings agents never tagged, and it would have merged two communities into one number.
Is Cane Island priced fairly right now?
Yes, and the evidence is the price per square foot. Sold homes ran $189.27 and active homes ask $189.00, a gap of 27 cents. Median sizes differ by 50 square feet and the median build year is identical at 2020.
That matters more than it sounds. In most new-construction Katy communities the asking pool sits well above what closes, sometimes by double digits. Sellers there price against builder inventory instead of sold comps. Here the two pools describe the same market, which makes this one of the cleanest comp environments I track in Katy.
For a buyer, list prices here are a reasonable starting point rather than a wish. For a seller, the market will not reward a stretch. Buyers have 80 comparable choices and a clear sense of the going rate.
Where is it, and why is the address unusual?
The community sits on the west side of Katy, north of Interstate 10, off Cane Island Parkway in ZIP code 77493. The Houston Chronicle has reported it as the only master-planned community inside the Katy city limits. That is unusual in a region where almost everything called Katy is unincorporated.
That distinction is not trivia. Most Katy-area communities sit in unincorporated Harris, Fort Bend or Waller County. They depend on a municipal utility district for water and sewer. The project engineer of record states that the City of Katy supplies water and wastewater treatment here. Residents also fall inside city police and fire service rather than county coverage.
The land reached that status through annexation. Katy City Council annexed tracts from its extraterritorial jurisdiction in 2013 and again in 2015. Those votes moved the community from unincorporated Waller County into the city.
A municipal utility district still sits in the picture. The state created Harris-Waller Counties MUD No. 3 to finance infrastructure across part of the development. Being inside city limits does not mean no MUD, and your total tax rate depends on your section. Get the current rate for your address in writing before you sign. Rates change, and I will not publish a single number that goes stale in a year.
How big is the development and who built it?
The development covers roughly 1,009 acres across 45 sections, planned for about 2,100 single-family homes, according to the engineering firm of record. Rise Communities developed it. Crews broke ground in late 2014 and the first sections opened during 2015.
The name is local history rather than marketing. Settlers originally called Katy itself Cane Island. The town took its present name from the Missouri, Kansas and Texas Railroad that arrived in the 1890s. So the community carries the town’s own former name.
Lakes of Cane Island is a different community
This is the most useful thing on the page, and almost nobody states it plainly. Lakes of Cane Island is a separate, newer, neighboring development. Its builders describe it as inspired by and neighboring the original, not as part of it. Both sit in 77493 and Katy ISD serves both, which is exactly why buyers conflate them.
The markets are not comparable, and the MLS shows why.
| Cane Island | Lakes of Cane Island | |
|---|---|---|
| Homes sold, last 12 months | 91 | 1 |
| Homes for sale now | 80 | 45 |
| Median asking price | $559,950 | $599,900 |
| Median asking $/sq ft | $189.00 | $205.20 |
| Median size for sale | 3,097 sq ft | 2,927 sq ft |
| Median year built | 2020 | 2026 |
One closed sale in twelve months means there is no resale history to speak of. I am not going to hand you a median built on a single transaction, so I have not published one.
Read that as a builder market rather than weak demand, not as a warning about Cane Island itself. The median year built in Lakes is 2026. The homes are new, and first owners have had neither time nor reason to sell. Long marketing times on the active listings are typical of builder inventory listed before completion.
The pricing difference is real. Lakes asks about $205 per square foot against $189 next door, roughly a 9 percent premium, and it does so on smaller homes. You pay new-construction pricing for less space. Whether that trade suits you depends on how much you value a brand-new house against an established neighborhood with a decade of sales behind it.
Which schools serve the community?
Katy ISD serves Cane Island, and an elementary school sits inside the community. The district opened Elementary No. 44 in August 2022 at 7400 Innovation Drive, designed for about 1,030 students. It carries the name Steve and Elaine Robertson Elementary.
Watch for stale information here. Some builder and portal pages still list the campus as the unnamed “New Elementary #44,” language that has been out of date since 2022. If a listing sheet tells you that, it has not been refreshed in years.
Boundaries move in this district. Robertson opened to relieve Bryant Elementary. Katy ISD later approved further changes affecting Robertson when Elementary No. 48 opened in the Sunterra area. The district reviews attendance boundaries every year, because it is one of the fastest-growing in Texas.
So confirm the zoning for any address with Katy ISD directly. Do not rely on a listing sheet or a builder brochure. I do not publish campus ratings.
How long do homes take to sell here?
The median sold home in Cane Island took 42 days, and homes currently listed have been on the market a median of 50 days. Those are medians, so half of all sales moved faster and half took longer.
Forty-two days is a normal, functioning pace. It is not the frantic market of 2021 and it is not a stalled one either. A prepared buyer has time to see a house twice and still act.
Who is this community right for?
It suits a buyer who wants an established master-planned community rather than a construction zone, at a median in the high five hundreds. The city address brings practical advantages: city water and sewer, city police and fire, an elementary school inside the community, and a decade of sales history to price against.
It suits you less if you want the newest possible house. For that, Lakes of Cane Island or the other north Katy new-construction communities serve better. Remember the caveat above about paying more per foot for less space.
Common questions about Cane Island
Is Cane Island in the city of Katy?
Yes. The Houston Chronicle has reported it as the only master-planned community inside the Katy city limits, following annexations in 2013 and 2015. Most communities with a Katy address sit unincorporated.
Which county is it in?
The land sat in Waller County before annexation. The utility district serving part of the development is named Harris-Waller Counties MUD No. 3. County lines drive your appraisal district and tax bill, so confirm the county for your specific section.
Is there a MUD tax?
Harris-Waller Counties MUD No. 3 serves part of the development, so a MUD component can apply even inside city limits. Rates vary by section and change over time. Ask for the current rate for your exact address in writing.
What is the difference between Cane Island and Lakes of Cane Island?
They are two separate neighboring communities. Cane Island is established: 91 sales in the past year, a $580,000 median, and a median build year of 2020. Lakes of Cane Island is new: 45 homes for sale, one recorded sale in twelve months, and a median build year of 2026.
Is this a good place to invest?
The data shows a balanced, liquid community rather than a speculative one. Asking and sold prices per square foot sit within 27 cents of each other. That suggests stable pricing rather than momentum in either direction. I am a broker and not a financial adviser, so treat this as market description rather than investment advice.
Talk it through with me
Want sold comps for a specific street or section? Or a straight comparison between an established resale here and a new build next door in Lakes of Cane Island? Ask and I will pull the numbers. My office is in Katy and my family has lived and worked here since the 1970s. No pressure, no hype, and no promises I cannot keep.
Zach Emmanouil, Broker Associate, ZACH RE GROUP at C.R. Realty. Call or text 281-387-1535, or email zach@zachregroup.com.
More Katy markets: the Katy real estate overview, plus Cinco Ranch, Sunterra, Elyson and Firethorne. See how MUD districts work in the MUD tax explainer, or browse every market on the communities hub.
Market figures pulled from HAR Matrix on August 28, 2026, covering single-family sold and active listings over the prior twelve months, filtered by subdivision name and separated between Cane Island and Lakes of Cane Island. Tax rates and school attendance boundaries change; confirm both for your specific address before you rely on them.