There's no question that it's a seller's market in Houston right now. For the second month in a row, the number of home sales and prices reached record highs in July. If you're thinking of selling your home now is a great time to do so.
According to the Houston Association of Realtors (HAR), there were 13,043 properties sold in July 2020. Last year only 10,434 were sold in July. An additional 2,600 homes sold over this time last year is pretty significant - that's a 25% increase over the same period last year!
For perspective, that's over $1 billion worth of extra properties sold in July 2020 vs. July 2019.
For single-family homes in Houston, sales grew by 23% and while housing inventory declined by 1.2 months to 3 months. (Meaning it would take 3 months to sell all current home listings if there were no additional listings added to the market.) Housing supply hasn't been this low since December 2015. Currently, the national inventory level is 4 months according to the National Association of Realtors. In real numbers, active listings have declined by 8,667, or -19.4%, compared to July 2019.
This decreased supply and increased demand are affecting prices in the Houston market and is creating the seller's market we have. The median home price increased by 8.7% to $271,830. One of the reasons for this increase was because of the demand in the high-end market of homes above $500k. With sales for homes between $500k and $750k increasing 51.9% and homes $750k and above increasing 41.7%.
The average days on market for home listings remained roughly the same with only a slight increase from 51 days to 56 days. Meaning, homes are selling in under two months after hitting the market on average.
As you can see, there's no doubt we're in a seller's market right now. The decrease in housing supply and the increase in demand appears to be driving prices up. Now is a great time to take advantage of the market and sell your home in Houston.
If you're thinking of selling, let us know. Let us use our experience to help you get the most out of your home.
Even if you're not thinking of selling, we'd love to do a Comparative Market Analysis on your home to give you an idea of what your home might be worth. Feel free to reach out and let us help you get a full picture of your home's value.