Houston’s Housing Market

HAR’s March Bulletin

Home sales in March were up 5% over last year, thanks to lower interest rates giving hesitant potential buyers a boost of confidence. A combination of low interest rates and increased supply made for an excellent start to the spring buying season! The highest sales activity was seen in the $250,000-500,000 price point, with the luxury market coming in a close second.

701 Columbia 77007, listed by broker/owner Mary Wassef with Circa Real Estate, LLC. Image by Awakened Visions Media

Record High

A total of 7,072 homes sold in March, compared to 6,740 last March. Prices reached a record high for any previous March, with a median price of $240,000 and average of $298,000. The total dollar volume of property sold in March came to a whopping $2.4 billion.

2034 Columbia 77008 listed by Realtor® Bonnie Collins with Circa Real Estate, LLC

Low Interest Rates, Strong Economy

According to HAR Chair Shannon Cobb, “Home sales are benefiting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid.” A strong local economy continues to bolster the housing market. Continues Cobb, “We are also encouraged by the Texas Workforce Commission’s latest report about a 2.4-percent increase in employment across metro Houston over the past year, which bodes well for housing.”

9202 Greenwillow 77096 Listed by Circa Realtor® Lisa Yambra.

The Data Details

The average time-on-market was 64 days. Inventory grew to 3.9 months supply, up from 3.3% last year and the highest supply seen since October 2018. The national average is currently 3.5 months supply. The market segments that showed the lowest performance were the <$99,999 and $100,000-149,999 categories. It makes sense that these price brackets would not grow with the rest of the market, simply because there are no longer many properties priced this low to begin with. As land values increase, these bargain-priced properties slowly disappear.

706 W. 31st St listed by Circa Realtor® Ashley Day.

Pending & Active

At the end of the month, an additional 8,740 single-family homes were still pending, an increase of 14.6 over last year. Total active listings increased 17.5 to a total of 41,127. Between those two figures, sales numbers for the month of April ought to be looking pretty great too!

Circa Real Estate, LLC on 19th Street in the Houston Heights.

Circa Real Estate

It’s a fantastic time to start looking in earnest or prepare your house to list if you want join the upcoming rush of summer home sales. Whenever you’re ready to take advantage of lower interest rates and increased inventory and make a move,Circa Real Estate agents are ready to help you make the process as simple and expedient as possible.

For more details about the listings featured in this post, visit these links:

701 Columbia, listed by Mary Wassef

2034 Columbia St., listed by Bonnie Collins

9202 Greenwillow St., listed by Lisa Yambra

706 W 31st St., listed by Ashley Day

Be sure to check out Circa Real Estate’s other listings here

Information courtesy of HAR