HAR’s latest report on the Houston real estate market shows some very interesting numbers, and if you’re thinking of buying or selling a home, you’ll for sure want to see them. We’re officially one year into the pandemic, and the market still continues to be scalding hot. Check out the details from the latest report here – we’re getting into all the juicy highlights!
Houston Real Estate Prices Skyrocket
In April of 2020, the average single-family home valued at $309,975. In April of 2021, that number was much higher – $371,854, to be exact. That’s a 20% increase year-over-year! The increase in home value is due in large part to the housing shortage currently experienced both in Houston and on a national level. This is a fantastic time for sellers to put their home on the market, especially if they’re downsizing.
If you’re looking to buy a home right now, you definitely want to make sure you’re working with a real estate professional who possesses strong negotiation skills. Having the abilities to navigate multiple offer scenarios and provide insights on a neighborhood’s average appreciation values are also crucial. Home values are up, but you want to make sure that your investment is a sound one.
Active Listings Are Way, Way Down
If you’re actively engaged in a home search and feel like there’s not much out there, you’re not alone, and the numbers support your feelings. Active listings are down a whopping 42.9% from last April, and inventory levels currently sit at a historically-low 1.4-months’ supply. Since the average number of days on market is also down to 40, it’s fair to say that high-quality homes just don’t stay on the market for long.
Shrinking inventory levels can benefit sellers by enabling their homes to stand out. It’s not unusual to see multiple offer situations in a market like this one!
Luxury Listings Continue to Dominate Sales
High-end buyers took advantage of low interest rates, and the Houston real estate stats back it up. Year-over-year, sales of homes in the $500,000 – $750,000 range exploded 132.2%. Homes priced higher than $750,000 also saw a healthy 164.3% boost. Overall, the number of property sales jumped 58.3%. Although sales of homes priced below $150,000 dipped, total overall dollar volume of sales of all home types increased 85.9% from last April.
Condo and Townhome Sales Shot Up
Single-family homes aren’t the only hot market in Houston. Sales of condominiums and townhomes rocketed 112.7% for the eighth straight month of increases. The average price also shot up 8.8% to $246,940. Inventory of this home type fell from a 4.4-months’ supply to 2.8 months. If you’re looking to sell your condo or townhome so you can rent or purchase a single-family property, now is a great time to consider selling.