The real estate market in the Memorial area of 77079 during March 2024 has been a fascinating study in contrasts. Let's break down what's happening in this area and what it means for buyers and sellers.
Below $800k: A Hot Seller's Market
The market for homes priced below $800,000 in Memorial is incredibly strong. While the number of available properties increased by 20% compared to March 2023, the number of homes sold stayed the same. This surge in listings hasn't slowed demand, as evidenced by an astonishing 31% decrease in the Months Supply of Inventory, reaching a historically low 0.8 months.
Although the median price saw a slight decrease of 3.1%, the average price per square foot actually increased by 2.8%, landing at $222/SF. In March 2024, the average sold price for a home below $800k in 77079 was $593,921.
Above $800k: Inventory Crunch Fuels Price Growth
Homes priced above $800,000 tell a different story. In this segment, the number of available properties decreased by 10.9%, while the number of homes sold increased by a whopping 50%. This combination created extremely tight inventory, with the Months Supply of Inventory clocking in at just 0.9 months.
This supply crunch likely played a large role in the significant price increases: the median price surged by 27%, and the average price per square foot jumped 24.5%, reaching $361/SF. The average sold price for a home in this price range in March 2024 was $1,246,710.
What Does This Mean?
The Memorial area of 77079 presents a market with two distinct personalities. Regardless of your price point, the overall picture shows low inventory and strong demand across the board. This presents unique challenges and opportunities:
- Sellers: Market conditions are favorable overall, but if your home is priced above $800k, you may be in an especially advantageous position. Careful pricing and strategic marketing are crucial.
- Buyers: Prepare yourself for a competitive environment. Getting pre-approved, being decisive, and potentially making strong offers are key in securing the home you want.
Final Thoughts
The Memorial area of 77079 offers an exciting real estate landscape in March 2024. Whether you're buying or selling, knowledge of the specific market dynamics in your price range is vital. Working with a skilled local real estate agent can help you navigate these conditions and achieve your goals.
