Steady Demand for Houston Homes Bumps Prices Higher
The average sales price of a Houston single-family home reached $284,250 in November 2017, according to statistics from the Houston Association of Realtors®. This is a 2.8% price gain compared to the same month a year ago. Looking at the math another way, median home prices reached $225,725. In both cases, each figure represents a new high for any November on record.
The bump in Houston home prices comes despite a slight uptick in home inventory, which increased to 3.7 months of supply in November. Nationally, home inventories stand at an average of 3.9 months of supply.
There is a wide variety of trends at work in the Houston real estate market. For example, the story for condominiums and other attached dwellings is very different. November 2017 condo sales are down by 3% compared to a year ago, with the average unit price falling by 5.4%. The average price stood at $196,546 in November, while the median price fell to $158,100. Yet attached home inventory isn’t significantly different from a year ago, rising just 0.1% on a year-over-year basis to 3.8 months of supply.
Another example is the diversity of sales momentum within different tiers of the market. Luxury homes priced over $750,000 saw sales volumes drop by 3.9% in November. Homes priced between $100,000 and $149,999 saw a 15.4% decline in sales. The “sweet spot” in November home sales belonged to the price category of $150,000 to $249,000, which experienced a 14.3% jump in sales volumes.
Houston real estate is highly localized, with market conditions varying by home type, price range, neighborhood and even by street. Statistics give you a broad overview of the market, but your best source of information will always be your local KW Energy Corridor Team agent!
Before you buy or sell a Houston home, obtain your personal real estate consultation from the KW Energy Corridor Team! Our local expertise and global resources will be your advantage! Contact us today!
KW Energy Corridor Team
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Houston, TX 77079