Houston Real Estate Market Update for November 2024: What Buyers and Sellers Need to Know
- yourrealestateangel
- Nov 13, 2024
- 2 min read
As we wrap up 2024, Houston’s real estate market offers a unique mix of growth in property values, rising inventory, and a more balanced buying environment. Here’s what that means if you’re considering buying or selling.
Sales Prices Are Up – What Does That Mean for You?
November 2024 data shows a 7.5% rise in the average sales price to $478,809 compared to last year, with the median price increasing by 3.2% to $325,000. For buyers, this trend indicates that while prices have risen, the rate of growth is slowing, creating a more stable environment compared to the steep increases of recent years. Sellers, meanwhile, can still take advantage of these higher prices, though pricing competitively is increasingly important in a market with expanding inventory.
More Inventory, Fewer Bidding Wars
Inventory in Houston has grown significantly, with 11,132 homes available—a 22.6% increase from last year. This rise gives buyers more options and less competition, allowing for more thoughtful decision-making. For buyers, this increase means there’s more time to assess potential homes, often without the pressure of multiple bids. Sellers, however, should note that with more homes on the market, ensuring quality presentation and pricing is key to attracting offers.
Homes Are Taking Longer to Sell
With an average of 38 days on the market (up from 34 days last year), Houston homes are seeing longer timelines from listing to sale. For buyers, this trend offers an advantage, as properties spend more time on the market. Sellers, on the other hand, should plan for extended listing times and might consider working closely with their real estate agent to ensure their home’s appeal stands out, especially if they’re aiming for a quick sale.
A Balanced Market: Implications for Buyers and Sellers
The combination of stable price growth and increased inventory suggests a balanced market. For buyers, this balance means you’re likely to find properties within your budget, with less competition than in recent years. For sellers, this environment presents a great opportunity to sell at a favorable price, but preparation—like staging, repairs, and strategic pricing—will be crucial.
Understanding Today’s Market for a Confident Decision
November’s data points to a market with opportunity on both sides. Buyers can approach with confidence, knowing they have time and choice, while sellers can benefit from strong prices if they’re prepared for a competitive landscape. If you’re considering buying or selling, reach out to discuss the best strategies in this balanced Houston market.
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