Welcome to our comprehensive analysis of the Houston real estate market for July 2024. This month, we're seeing distinct trends in both the affordable and luxury segments, highlighting the dynamic nature of Houston's property market. Whether you're a buyer, seller, or investor, understanding these trends can help you navigate the market more effectively.
Market Overview
The Houston real estate market continues to demonstrate resilience and adaptability. While the number of for-sale properties has increased across the board, market dynamics vary significantly between the below $800k and above $800k segments.
Properties Below $800k
In July 2024, the market for properties below $800k experienced notable changes:
- Increase in Inventory: There was an 18.5% increase in the number of for-sale properties compared to July 2023. This rise in available inventory provides more options for buyers, but also indicates a cooling demand.
- Decrease in Sales: The number of sold properties decreased by 15%, possibly due to rising interest rates and economic uncertainty.
- Price Trends: The median price increased by 6.8%, with the average price per square foot rising by 1.8% to $169. The average price of homes in this category was $357,256.
- Market Conditions: Despite the increase in inventory to 3.5 months, the market still slightly favors sellers. Homes are spending an average of 36 days on the market, indicating a steady pace of transactions.
Properties Above $800k
The luxury market above $800k tells a different story:
- Moderate Inventory Growth: The number of for-sale properties grew by 10.4%, reflecting a more gradual increase in supply compared to the lower price segment.
- Increased Sales: The luxury market saw an 8.4% increase in sold properties, showcasing sustained demand for high-end homes.
- Significant Price Appreciation: The median price rose by 11.9%, with the average price per square foot increasing by 12.9% to $402. The average price of luxury homes reached $1,590,791.
- Balanced Market: With a 4.1-month supply of inventory, the luxury market is approaching a balanced state, where neither buyers nor sellers have a distinct advantage. The average days on market for these properties was 34 days, indicating healthy buyer interest.
Conclusion
The Houston real estate market in July 2024 exhibits varied trends across different price segments. While the market for properties below $800k remains competitive with a slight seller's advantage, the luxury market shows signs of balance, with both supply and demand on the rise. This divergence emphasizes the importance of understanding specific market conditions when making real estate decisions.
As we look ahead, staying informed about market trends and economic factors will be crucial for all parties involved. Whether you're looking to buy, sell, or invest, our team is here to provide expert insights and personalized guidance. Contact us today to explore your options and make the most of the current market conditions in Houston.
