Sign In
Create an account and enjoy all the benefits of HAR.com!
Sign In
Sign in using social account
Now that August is behind us, we’re taking a closer look at where the Houston market stands heading into fall.
The overall trend is clear: buyers have more choices and more time. But Houston continues to be a highly segmented market, with some neighborhoods and price points moving much faster than others.
7,100 single-family homes sold in August, down 11.5% year over year.
Inventory reached 5.3 months, giving buyers more options.
The median sales price was $330,000, relatively flat from last year.
More inventory means buyers can be selective, making pricing, condition and presentation increasingly important for sellers.
Some of Houston’s most sought-after areas continued to see buyers move quickly in August.
Afton Oaks: 80% of the homes that found a buyer went under contract within two weeks.
River Oaks: Median days on market reached 84 days, with sales averaging just under 95% of list price.
Tanglewood, the Heights & West University: Of the homes that found a buyer in August, nearly half did so within two weeks.
Same city, very different levels of activity.
Memorial was particularly interesting in August.
Median sales price increased from approximately $1.01M to $1.34M year over year.
Inventory tightened from 2.9 to 2.3 months.
More than half of the homes that found a buyer went under contract within two weeks.
That 32.5% increase in median price doesn’t mean Memorial home values suddenly jumped 32.5%. Higher-priced August sales pushed the median up. The tighter inventory and pace of contracts give us better context for what’s happening in the area.
HAR MLS Area 16 showed another interesting combination:
Closed sales fell 30%, from 76 to 53.
Median days on market increased from 34 to 51 days.
Median sales price increased from $725,950 to $892,750.
In other words: fewer sales, longer decisions and higher price points.
Houston’s $1M+ market has held up relatively well, but at the very top of the luxury market, the buyer pool becomes smaller and properties can take longer to sell.
That’s an important distinction. A $1.5 million home and a $5 million home may both fall under the “luxury” umbrella, but they can face very different market conditions.
There isn’t one Houston real estate market. Conditions can change by neighborhood, price point, property type—and sometimes even from one street to the next.
So the better question isn’t simply:
“How’s the Houston market?”
It’s:
“What’s happening in the market that matters to me?”
If you’re curious about your neighborhood, your home’s value or an area you’re considering, reach out. We’re always happy to take a closer look.
Erase note
You currently have no custom folders