The Houston Real Estate market performed exceptionally well this January with luxury homes dominating sales. Home prices have continued to rise and inventory has remained low. Michele Harmon Team is here to tell you everything you need to know about the 2022 housing market.
Single-Family Home Sales Have Risen
Houston’s single-family home sales rose 7.1% this January! 6,451 homes sold throughout the Houston area compared to 6,024 in 2021.
Increased Single-Family Home Sales Drive Up Prices
The strong sales volume among high-end homes caused an upward push in home prices. The median price climbed 17.9% to $310,000 and the average price rose 16.2% to $377,738. According to HAR, these are the highest prices ever seen in the month of January, however they are well below the overall record highs set during 2021.
Days on Market Drops
The time it took to sell a home dropped from 48 to 39 days with inventory registering a 1.4-months supply compared to 1.7 months in 2021. HAR reports this as the second lowest inventory level of all time!
Check out the table below for a glance at January’s housing market performance.
Call Michele Harmon Team at 713-818-1330 today if you have any questions about today’s Real Estate market or if you are wondering if now is a good time for you to buy or sell. If you are curious about what you could get for your home, check out this link to instantly calculate your home’s value based on recent Houston sales: