Robust January Sales for Mid-Priced Houston Homes
Houston homes priced below $500,000 in greatest demand; luxury market softens
The numbers are in, and Houston home sales started 2018 on a strong note. According to January sales data from the Houston Association of REALTORS®, single-family homes priced between $150,000 and $500,000 saw year-over-year gains in both median sales prices and transaction volume. Here’s a closer look at the market!
A total of 4,469 single-family homes were sold during January 2018, an 8.9% jump in sales volume compared to January 2017. Homes spent an average of 67 days on market, inching up slightly from 65 days a year ago. Home inventory has remained consistent at a 3.3 month supply, near the national average of 3.2 months of supply.
Houston median home prices set a new January high, rising 3.8% to $218,000. A “median” price means half of the homes sold for more than this amount, and half of them sold for less.
While overall sales volumes increased, conditions vary significantly by local market and price range. For example:
- Sales increased by 15% for homes priced from $150,000 to $249,999
- Sales increased by 22% for homes priced from $250,000 to $499,999
But the Houston luxury market has seen a decline in transaction volume:
- Sales decreased 10% for homes priced from $500,000 to $749,999
- Sales decreased 6.3% for homes priced $750,000 and over
Condominiums and townhomes saw a slight dip in January sales, falling 1.3% compared to a year ago. Median sales prices increased 13.6% to $159,000.
Houston home buyers are especially motivated in price ranges below $500,000, which is pressuring lower-priced inventory in both single-family homes and attached homes. Sellers of luxury homes are facing a different market, as there are fewer qualified home buyers for the available supply. Future upticks in mortgage interest rates could make buyers more sensitive to home prices.
Whether you are buying or selling a Houston home, obtaining a personal real estate consultation from the KW Energy Corridor Team is your first step towards success! Our local expertise and global resources will be your advantage. Contact us today!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079