Real Estate Market Conditions: Housing Overview
Summer is here! The growing housing market in Houston continues to increase the average closing price of homes. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Houston area. Spring is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in May when compared to last May. 8,346 homes were sold in the Houston area. This is a dramatic 10.02% increase from last month and a 2.32% increase from last year.
Average Sold Price:
The average price of a home is currently $323,023 which is a .3.97% increase from last month and a 5.73% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 53 days before being sold. Closings are 1.92% faster than last year.
Inventory of Homes:
In Houston and the surrounding area, the inventory of homes has increased by 9.04% from last year while the number of homes on the market increase by 4.85% from April to May. Potential buyers should be aware of the competitive environment if they plan to purchase this Summer.