Real Estate Market Conditions: July Housing Overview
Summer is wrapping up! The growing housing market in Houston continues to rise in price per square foot. 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. Summer is the perfect time to either buy or sell a home! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in July when compared to last July. 8,108 homes were sold in the Houston area this July. This is a 4.81% increase from last month and a 8.98% increase from last July.
Average Sold Price:
The average price of a home is currently $305,910 which is a 3.33% decrease from last month and a 2.27% 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 List Price per Square Foot:
The average price per square foot in Houston is $122 and has increased 3.39% from last year and 2.40% from June. This increase in value indicates that Houston homes are becoming more valuable, encouraging homeowners to sell.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 48 days before being sold. The same as last year and month.
Inventory of Homes:
In the Houston and surrounding area, the inventory of homes has decreased by 5.40% from last year while the number of homes on the market increased by 3.40% from June to July. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.