If you've been watching the Houston housing market this year, here's where things stand heading into fall.
Home prices across the metro have been holding fairly steady, with single-family homes typically listing in the $320,000 to $335,000 range. That's a modest pullback from a year ago, which is good news if you've been priced out of the market recently.
Inventory has also grown, now sitting at close to 5 months of supply. That's up from roughly 4 months a year ago, and it means buyers have more options and more room to negotiate than they did during the tightest years of the market.
Mortgage rates are the bigger story. Freddie Mac's most recent numbers put the 30-year fixed rate near 6.95%, so shopping multiple lenders and getting pre-approved early matters more than ever if you want to lock in the best terms.
Homes are also sitting on the market a bit longer, with average days on market creeping up compared to the spring rush. For sellers, that means pricing realistically and presenting well from day one is more important than ever. For buyers, it means less pressure to rush and more room to negotiate on price, repairs, or closing costs.
Whether you're buying, selling, or just keeping an eye on your home's value, I'm always happy to talk through what these numbers mean for your specific situation. Feel free to reach out anytime.