August Update: Home Sales Houston

The Houston housing market continues to march forward, even with some challenges in the mix. But don't worry, this is totally normal. 

If you’re looking to sell your home fast in Houston, or just curious about the latest trends, August brought some interesting stats.

Here’s the lowdown on home sales in Houston for August 2024.

Sales are up, but only a little

Good news first! Single-family home sales in Houston saw a modest increase of 1.8% compared to last year.

While it’s not a huge jump, it’s still a sign of stability in the market. Buyers are still out there, even with inflation and interest rates sticking around like that one house guest who never leaves.

And if you're in the luxury home game, things are even better—luxury homes priced above $1 million saw a 14.2% increase in sales. It seems like people are still ready to invest in their dream homes despite economic uncertainties.

See the real numbers credited here. 

Prices are holding strong

If you're wondering about prices, there's some solid growth here too. The average home price in Houston climbed to $445,440, which is 4.7% higher than last year.

The median home price also went up, hitting $350,000, which is a 2.9% increase. So, whether you're selling a cozy starter home or something a little fancier, you’re likely to get a decent return on your investment.

But remember, the market can be a bit unpredictable.

While these price increases are great news for sellers, buyers are becoming more cautious, especially as mortgage rates remain high. It’s a delicate balance, but if you're looking to sell your home fast in Houston, being strategic with your listing price can make all the difference.

More homes, more choices

One thing buyers will be happy to hear is that inventory is up.

Houston now has about 4.3 months of inventory, up from 3.8 months earlier in the year. That’s still considered a seller’s market, but it’s creeping closer to balance.

For sellers, this means you might face a bit more competition, but nothing too overwhelming.

And while single-family homes are holding their ground, the market for townhomes and condos took a small dip in sales, with a 4% decrease. However, prices for townhomes and condos went up, with the average price increasing by 14%. So, even though fewer units are selling, those that do are fetching higher prices.

Selling Fast in Houston? Here’s What to Keep in Mind

If you’re looking to sell your home fast in Houston, you’ve got to stay ahead of the game.

With inventory rising, it’s more important than ever to price your home competitively and highlight its best features. Buyers are still out there, but they have more options than they did just a few months ago.

Luxury homes are hot, so if you’re in that market, now might be a great time to list.

For everyone else, focus on location and curb appeal—two factors that can help your home stand out from the crowd.

And don’t forget to mention those Houston hurricane season precautions if you’ve got them. A well-protected home is always a plus!

Final Thoughts

The Houston real estate market remains active, and with prices continuing to rise, it’s still a good time to sell.

Whether you’re in the luxury market or selling something more affordable, staying informed on the latest trends can help you navigate the process smoothly.

Keep an eye on inventory, price your home wisely, and you’ll be in a great position to make a quick sale this year.