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An In Depth Look at the Houston Housing Market

We recently shared the November Houston Housing Market statistics on our social media page, however, as 2021 comes to a close, we want to ensure you stay updated on all things Real Estate. Despite the Thanksgiving holiday, Houston housing never skipped a beat in November. If you have been waiting for the perfect time to buy or sell, just know that today’s market is completely unique and it may be a moment you will want to take advantage of. Michele Harmon Team is here to give you an in depth look at Houston’s housing market.

Despite the Thanksgiving holiday, Houston housing remained strong as buyers steered the market through positive territory despite inventory hovering at historically low levels. Check out the details below!

November Highlights:

  • Single-family home sales rebounded from a slight decline in October, rising 3.9% with 8,320 units sold
  • Days on Market for single-family homes dropped from 46 to 35
  • Single-family home months of inventory registered a 1.6-months supply, down from 2.1 months year-over-year and BELOW the national inventory of 2.4 months
  • Single-family home sales are 12% ahead of 2020’s record pace and 22.2% ahead of 2019.

What does this mean for Sellers?

If you have been contemplating whether or not now is the best time to sell, consider this:

  1. Today’s buyers are still dealing with a limited number of homes for sale, and they are competing with one another for their dream home. When this happens, if your house is one of the few on the market, it will rise to the top of the pool – and it will be worth it.
  2. According to NAR, the average Texas seller is currently receiving 5 or more offers. This number is significant because it means it will be more likely for you to have multiple offers to pick from if you sell your house this season.
  3. Any offer you receive will likely be from a highly motivated buyer who is doing everything they can to beat the competition. Chances are, they will get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price – both of which are great news for you!

What does this mean for buyers?

If you are a homeowner who feels your current house no longer suits your lifestyle, or a renter who is determined to become a homeowner, you may believe waiting until 2022 can provide you with better market conditions to purchase a home. Keep in mind that the three major housing industry entities project ongoing home price appreciation throughout 2022. 

Forecasts:

Fannie Mae: 7.4%

Freddie Mac: 7%

Mortgage Bankers Association: 5.1%

To put this into perspective, if we took an average of the three price projections above, a home that sold for $353,900 today will be valued at $376,904 by the end of 2022. Waiting to buy may cost you an additional $23,004. It is clear that choosing to buy sooner rather than later can result in significant financial benefits.

Despite the escalating home prices, homes are still more affordable than they were at any time leading up to the housing crisis.

In conclusion, regardless of whether you are buying or selling, today’s housing market has plenty of GREAT news to go around, and we would love to help you with any and all of your Real Estate needs. Give us a call at 713-818-1330 to get started today! We will walk you through the process and make it as stress-free on you as possible. 

Want to learn more about Real Estate, homeownership, and more? Click here to access our blog! 

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