Are you considering buying or selling a home in Houston? You aren’t alone. We’ve taken a look at the Houston real estate market and the results are in: Houston is On The Rise!
What does it mean when Houstonians proudly shout, “Houston Strong”? This data should be one good example of the definition. These last few months have been a roller-coaster for Houston real estate, but among so much else, the city’s real estate market is bouncing back strongly. The numbers are in for the month of May and the Houston real estate market is on the rise!
After a brief slow-down in March, the Houston real estate market roared back in a big way in April. Home prices reached an all-time high, and home sales jumped 7%. Both the median and average prices were record breakers, at $240,000 and $305,092, respectively.
If you remove new construction from the equation, the average price of an existing home in April was $297,745, an increase of 9% over last April, with a median price of $229,000.
A total of 7,070 single family homes sold in the month of April, compared to 6,611 in April 2017. Year to date, home sales are 3.6% higher than last year. After two months of flat sales, the luxury market ($750,000 and up) saw an increase of 4.7%.
The average days-on-market for homes that sold in April rose slightly from 55 to 56, while months supply fell from 3.8 to 3.6, matching the national average for months supply.
Total dollar volume of April sales reached a staggering $2.4 billion, an increase of 10.5%.
Said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase: “As long as inventory levels can keep up with the increased buyer demand, we would expect sales volume to remain strong in the months ahead.”
What does all of this mean for you? If you’re buying, expect prices to continue to rise and supply to remain limited, with fewer homes to choose from. If you’re selling, you’re in a good position and can expect your home to sell relatively quickly as the post-Harvey demand spike continues to feed strong sales.