Houston Market Update: June 2024
- yourrealestateangel
- Jun 18, 2024
- 3 min read
Updated: Jul 16, 2024
Welcome to your comprehensive June 2024 Houston Real Estate Market update! Stay informed about the latest trends, statistics, and expert insights to help you make informed decisions in this dynamic market. Whether you're a buyer, seller, or just curious about Houston's real estate landscape, we've got you covered.
Market Overview
As we analyze the market data from May 2023 to May 2024, it's clear that Houston's real estate market is exhibiting a healthy balance between buyers and sellers. This balanced environment is characterized by stable inventory levels, increasing sales prices, and a moderate decrease in the number of homes sold.
Key Statistics
Average Days on Market: The average time a home stays on the market has increased from 33 days to 35 days.
Average Sales Price: Contrary to the national trend of declining home prices, Houston has seen a 4.7% increase in the average sales price, now at $465,546.
Home Sales Volume: The total number of homes sold has decreased by 6.3% year-over-year, with 3,556 homes sold in the last month.
Inventory Levels: The inventory of single-family homes in Harris County has risen significantly, with 6,699 homes currently on the market, marking a 41.6% increase from last year.
Detailed Analysis
Sales Prices and Market Trends
Houston's real estate market continues to defy the national trend, with sales prices showing a robust 6.3% year-over-year increase. This trend is particularly encouraging for sellers, as it suggests a strong demand for homes in the area. Buyers, however, should be prepared for higher prices compared to last year.
Inventory and Sales Volume
The increase in inventory by 41.6% is a double-edged sword. While it provides buyers with more options, it also indicates that sellers might face more competition. The decline in the number of homes sold suggests a potential cooling off, but the market remains active and balanced overall.
Interest Rates and Market Impact
Interest rates remain a hot topic among both buyers and sellers. While the Federal Reserve's actions on interest rates have been unpredictable, any future rate cuts could significantly boost buyer activity. Experts suggest that if rates drop below 6%, the market could see a surge in buying activity.
Buyer's vs. Seller's Market
Houston currently sits at a balanced market with a slight tilt towards a seller's market, evidenced by an average of three months of inventory. This means that while sellers have some advantage, buyers are not without options. Specific neighborhoods and price points might experience different dynamics, with some areas seeing multiple offers and above-list-price sales, while others may take longer to sell.
Advice for Buyers and Sellers
For Buyers:
Less Competition: With higher interest rates, there's less competition in the market, making it a good time to negotiate better prices.
Future Refinancing: Consider buying now at higher rates with the plan to refinance when rates drop, potentially saving money in the long run.
For Sellers:
Capitalize on High Prices: With prices up 6.3% from last year, now might be an excellent time to sell, especially if you have a unique property that stands out in the market.
Equity Gains: Homeowners who purchased before 2019 likely have significant equity gains, providing a strong position to sell and capitalize on their investment.
The Houston real estate market in June 2024 presents a balanced yet dynamic environment. With increasing sales prices, more inventory, and a moderate decrease in sales volume, both buyers and sellers need to stay informed and strategic. Whether you're considering buying, selling, or just staying updated on market trends, keeping an eye on these key metrics will help you navigate the Houston real estate landscape effectively.
For personalized advice and further assistance, feel free to reach out to us. Stay tuned for more updates and insights on the Houston real estate market!
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