The Houston housing market experienced a predictable slowdown in January as the aftermath of the holidays and the transition to a more traditional pace of activity took place. Despite a decrease in sales, there are encouraging signs for potential homebuyers with a strengthened inventory and more manageable pricing.
Single Family Home Sales Data
In January, the sales of single-family homes experienced a decrease of 29.9 percent, with 4,549 units sold in the Greater Houston region compared to 6,492 in the same period the previous year. After reaching historic highs last spring, pricing trends have since moderated. The median price saw a modest increase of 1.6 percent to reach $315,000, while the average price rose by 1.5 percent to $381,983. These are the lowest price increases recorded since October of 2019.
Single Family Average Home Price Data
The sales of single-family homes were 4.6 percent lower than in January 2020, when 4,772 homes were sold. The median price was $235,000, which was 34.0 percent lower than in 2020, and the average price was $289,952, which was 31.7 percent lower. However, the sales are 1.9 percent higher than they were in January 2018, when the total volume was 4,462 homes sold. At that time, the median price was $218,950 and the average price was $271,087, which has increased by 43.9 percent and 41.0 percent respectively.
So What Does This Mean?
The Houston housing market has good signs for homebuyers, like a strong inventory and stable prices. Now is a good time to start looking for your dream home. Take the first step today!
If you are curious about statistics in your area, reach out to one of our incredible agents today for an in-depth analysis of your neighborhood’s market conditions!
(Market data provided by HAR.com)