🏠Single-family home sales Soaring😃

Our beloved Greater Houston area saw single-family home sales rocket up by 7.6 percent! What’s more, this marks the third increase over the past year. Closing times saw a bit of a speed-up too, with the average ‘days on market’ reducing from 64 to a relatively quick 57 days. 🏃‍♀️💨

In terms of price, both averages and mediums saw a lift over this time last year. The average price increased by 4.1% to a comfy $400,252 while the median price took a 3% leap to nearly $330,000. With an expanded inventory offering a healthy 3.4-month supply of homes, it’s an opportune time for both buyers and sellers.

💎Luxury Market Luminaries🌟

February’s star players were indeed homes priced at $1M and above, jumping a whopping 48% year over year! Homes priced between $500,000 and $1 million weren’t far behind, with an 18.3 percent rise year-over-year.

🔻A Slip in Townhomes and Condominiums🔻

Despite the positive overarching trend, February saw a continuation in the decline of townhome and condominium sales, down by 88.1%, carrying on a slow series from 2023.

💪Single-Family Home Rentals Holding Strong💪

Despite the ups and downs of various segments, rentals of single-family homes persisted in their strong performance throughout February.

🎈Spring Home-buying Season: Optimism in the Air!🎈

Coupled with a pent-up consumer demand, we’re seeing buyers pushing their interest rate concerns aside and making a return to the market. This bodes very well for the spring home-buying season🌷. The increased home sales, slight appreciation in home prices, and expanding inventory create golden opportunities for both buyers and sellers.

As always, the Selling Houston Team is ready to navigate these trends with you. With our expert knowledge and dedication to your personalized journey, we’re here to help you unlock the right doors to your real estate dreams. As we always say, empowering you is what we do, and together, we help create success stories every day! 🎯