2024 Market Update

Surge in home sales and robust inventory capped off 2024

HOUSTON — (January 8, 2025) — After two consecutive years of declining sales, the Houston housing market experienced modest growth in 2024. Homebuyers kept the resale and rental markets active despite fluctuating mortgage rates and higher home prices. As 2025 gets underway, steady demand and expanding inventory have set the stage for continued growth. 

According to HAR’s December/Full-Year 2024 Housing Market Update, total property sales were statistically flat compared to 2023. Single-family home sales rose 1.3 percent to 85,163. Total dollar volume for full-year 2024 climbed 3.1 percent to $41.1 billion versus $39.8 billion the prior year. 

For December, single-family home sales saw double digit growth of 16.3 percent year-over-year. Most of the housing segments experienced increases, with the luxury segment - consisting of homes priced $1M and above – seeing the strongest increase in activity. Sales in this segment climbed 64.6 percent when compared to last December. 

“Following two years of declining sales, 2024 brought a welcomed balance to the Houston housing market,” said HAR Chair Shae Cottar with LPT Realty. “While higher mortgage rates presented financial challenges for some consumers, the Houston market weathered these rate fluctuations better than many other regions across the country. I believe that the strong sales activity and expansive inventory we experienced in 2024 bodes well for home buyers and sellers in 2025.” 

Houston’s rental market had a robust performance in 2024 as many prospective homebuyers waited to see if mortgage rates would stabilize. HAR will report on rental trends in the December 2024 Rental Market Update, which will be released on Wednesday, January 15.  

Contact TLT Estates Group today for a free consultation and let us help you with your real estate needs.

Call or Text us at (281) 502-1909 or visit our website at www.TLTestates.com 

Disclaimer: This blog post is for informational purposes only and should not be construed as financial or legal advice. Market conditions can change rapidly, and it's essential to consult with a qualified professional for personalized guidance. Excerpt provided by HAR.com