Real Estate Market Conditions: June Housing Overview
Summer is in full swing and high temperatures aren’t the only thing fluctuating this season. 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.
Inventory of Homes:
In the Houston and surrounding area, the inventory of homes has decreased 6.3% from last June while the amount of homes on the market has also increased 2.5% from May to June. Potential buyers should be aware of the competitive environment if they plan to purchase this summer.
Number of Homes Sold:
More homes were sold in June when compared to last June and last month. 8,518 homes were sold in the Houston area this June. This is a 4.4% increase from last month and a 1.2% increase from last June.
Average Sold Price:
The average price of a home is currently $316,463 which is a 3.6% increase from last month and a 4.1% increase from last June. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average making more money off 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 $125 and has increased by 5.1% from last June and 1.63% from May 2018. This increase in value indicates that Houston is becoming more valuable which will then encourage homeowners to sell.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 48 days before being sold. Closings are occurring 7.7% slower than May 2018 and have decreased 4.0% from last year. An average of 48 days is quick and this tight market competition will continue to drive the real estate market going forward.