Houston News Real Estate Market Updates

The Houston real estate market is showing a lot of resilience despite economic challenges like inflation and rising interest rates.

As of mid-2024, single-family home sales have experienced a slight uptick, with July seeing a 1.8% increase year-over-year. Luxury homes in particular are performing well, with sales in the $1 million+ category surging by 14.2%, while homes priced between $500,000 and $1 million rose by 9.1%.

The market for lower-priced homes, however, has remained fairly stable without significant growth.

Prices are also trending upwards. The average price for a single-family home reached a record high of $445,440, a 4.7% increase compared to last year. Median prices also climbed to $350,000, reflecting a 2.9% rise.

This continued price appreciation is attributed to strong demand and limited housing supply, with Houston now having about 4.3 months of inventory available, still slightly favoring sellers but moving closer to a balanced market.

For those considering entering the market, whether buying or selling, these trends indicate steady growth and potential opportunities, particularly in higher-end properties.

As inventory continues to grow, it may become easier for buyers to find more choices later this year and into 2025.

While some expect home values to stabilize or dip slightly towards the end of 2024, Houston's overall market remains robust, largely driven by a strong job market and ongoing population growth.

To make things more interesting, here's a table of the things you need to remember from this month's real estate updates;