Real Estate Market Conditions: September Housing Overview
Fall is HERE! The growing housing market in Houston continues to increase homes average closing price. MLS data shows an increase in the average days 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. Fall 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 September when compared to last September. 6,548 homes were sold in the Houston area this September. This is a 21% decrease from last month and a 5.68% decrease from last year.
Average Sold Price:
The average price of a home is currently $295,765 which is a 1.63% decrease from last month and but an 1.37% 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 52 days before being sold. Closings are occurring 6.12% fast than last month and are just 3.28% faster than last year. An average of 52 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In the Amarillo and surrounding area, the inventory of homes has increased by 3.28% from last year while the number of homes on the market decreased by 2.09% from August to Setempter. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.