The Monthly Market Pulse: Houston’s Real Estate Review – July 2024
🏡 Houston Real Estate Market Weathers the Storm 🏡
In the ever-resilient spirit of our great city, Houston’s housing market has once again showcased its robust nature amidst the challenges posed by Hurricane Beryl in July. As your trusted Selling Houston Team, we’re here to bring you an insightful update peppered with the good news of market resilience and why there’s still every reason to be optimistic about your real estate ventures!
🌟 Luxury Homes Shine Bright 🌟
Starting on a high note, literal ‘growth’ took root in the high-end segment of our market. Despite the weather’s tantrums, luxury homes (those dreams above $1 million) saw an impressive 14.2 percent jump in sales compared to last year. Close behind, the segment between $500,000 and $1 million wasn’t shy either, boasting a 9.1 percent surge.
📈 Record-Breaking Figures 📈
And that’s not all—average home prices climbed, setting the bar higher than ever. Smashing records, the average single-family home price peaked at $445,440. This is real estate music to our ears, signaling a crescendo of growth and opportunity!
🔄 Catch-up and Optimism Post-Beryl 🔄
Hurricane Beryl did lead to some pauses in closings, but like Houston’s spirit—nothing stalls for long. We’re anticipating a swift straightening out of delayed transactions, especially with mortgage rates playing a friendly tune for prospective buyers. Some who had cold feet are now dipping their toes back in, eyeing the market with renewed eagerness.
🗂 Inventory Insights 🗂
Ok, let’s get into the specifics—homes are perching a tad longer on the market, with inventory stretching from last year’s 3.1 months to a more generous 4.3 months supply. This lands us comfortably in what the National Association of Realtors (NAR) dubs a “balanced market,” where the scales don’t tip too favorably for buyer or seller.
🏘 The Landscape of Transactions 🏘
But let’s not sugarcoat it—overall property sales dipped slightly, and that’s alright. Waterfront properties aren’t the only things that ebb and flow. Nonetheless, total dollar volume didn’t just hold its ground, it grew by 4.4 percent to a whopping $3.8 billion!
🏙 Townhomes and Condominiums: The Underdogs 🏙
Now, onto our compact cousins in the real estate family. It seems townhomes and condos are playing it cool with sales trailing behind last year’s. However, let’s not overlook that the median price has actually inched up a bit—every silver lining counts!
💬 The Selling Houston Team: Your Real Estate Compass 💬
As always, we’re navigating these waters with you. Your dreams, plans, and investments mean the world to us, and we’re committed to sailing alongside you, come rain or shine (or the odd hurricane).
🏆 Houston Real Estate Highlights in July: At A Glance 🏆
- Single-family home sales: ⬆ by 1.8% YOY
- Average days on the market (DOM): A slight increase to 44 days
- Total property sales: A modest decrease to 8,969 units sold
- Single-family median price: ⬆ by 2.9% to $350,000
- Single-family average price: A record ⬆ by 4.7% to $445,440
- Single-family months of inventory: A comfortable 4.3-months supply
- Townhome/Condominium sales: A decrease but with a slight ⬆ in median price to $221,500
So there you have it, friends—our July market has its share of sunshine and drizzle. But with the Selling Houston Team by your side, your real estate journey will enjoy its own season of growth! 🌱
Ready to embark on your next real estate adventure? Let’s chat! Our team is primed and ready to cater to your every need with the perfect mix of expertise and warm, personalized service. Together, let’s make your real estate dreams a reality. 🤝
— Your Devoted Selling Houston Team 🏡✨