Houston Housing Market Still Strong

Houston weather might be in roller-coaster mode, but the housing market is on an even keel. Along with the bluebonnet, peak season for the housing market arrives with Spring and has a positive outlook for growth.

Throughout the winter and into the New Year, the housing market in Houston has stayed strong. Single-family homes months of inventory has remained the same versus last January with a 3.3-months supply and the Days On Market (DOM) stayed roughly 65 days in January for December.

Despite the holidays being a stagnant time for residential real estate, single family home sales were up nearly 9%, with homes in the $250,000 to $500,000 range selling better than luxury homes, but seemingly several previously displaced families started 2018 with new homes.

Total property sales, median pricing and total dollar volume all saw increases compared to January 2017 with median price reaching its highest level ever for this time of year in Houston, climbing 3.8% to $218,000. The only stats that decreased were average price by about 2% and townhouse or condominium rentals. The decrease in luxury home sales has been a consistent trend since Autumn. This shows overall that a buyer’s market may be forming, but could also be a side affect of more discriminating buyers.

The overall prediction for the housing market performance is constructive according to the experts at HAR.  “We hope to sustain [this] positive momentum with 28,000 new homes slated for construction this year, according to Metrostudy, as well as healthy gains in employment,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase. More Houstonians found jobs in 2017 than in 2016.