May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Houston has seen an increase in the number of homes sold from last May. In addition, the average price of a home has increased since last year. The Houston housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 52 days of listing, and the total amount of active listings are increasing. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
Inventory of Homes:
In the Houston area, the frequency of new home listings has increased 2% from last year. At 26,527 homes, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently at $305,511 which is a 1% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase in price will continue to encourage homeowners to sell their property.
More homes are being sold each month. 8,157 homes were sold in the Houston area this May. This is a 1% increase from last year. Houston is a growing community and the housing market is increasing to match the developing need.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 52 days before being sold. Closings are occurring 2% slower than last May.
Average List Price per Square Foot:
The average price per square foot in Houston is $123 and has increased 3% from last year. This increase in value indicates that Houston’s housing market is becoming more expensive which may cause homeowners to consider selling.