In May 2024, the Memorial Drive 77079 real estate market for properties above $800,000 saw notable shifts compared to May 2023. The number of for-sale properties increased by 2.2%, while the number of sold properties decreased by 5.6%. Despite this, the median price surged by 7.4%, reaching $1,090,203. However, the average price per square foot (SF) saw a decline of 6.8%, settling at $328 per SF. The month's supply of inventory stood at 1.1 months, slightly higher than April 2024, indicating a tight inventory. Consequently, the days on the market dropped to 13 days in May 2024 from 17 days in April. Despite the decrease in average price per SF, the market remains a strong seller's market. The upward trend in prices, coupled with low inventory levels compared to buyer demand, suggests that prices will continue to rise in the coming months.
| Price Boxes | Pending | Sold | Average list price | Average sold price | Sold price to list price ratio | Ave days on the market |
|---|---|---|---|---|---|---|
| $800,000-999,000 | 10 | 9 | $298.39 | $298.55 | 100% | 18 |
| $1,000,000-$1,299,000 | 6 | 7 | $364.99 | $362.06 | 99% | 10 |
| $1,300,000-1,499,000 | 3 | 1 | $411.11 | $411.70 | 100% | 5 |
| $1,500,000-$1,699,000 | 1 | 1 | $422.63 | $410.83 | 97% | 7 |
| $1,700,000-$1,999,000 | 0 | 0 | 0 | 0 | 0% | 0 |
| $2,000,000 & Above | 1 | 0 | 0 | 0 | 0% | 0 |
In May 2024, the Memorial Drive 77079 real estate market for properties below $800,000 experienced significant changes compared to May 2023. The number of for-sale properties plummeted by 39.1%, and the number of sold properties decreased by 36.4%. The median price fell by 5.4%, with the average house price settling at $660,314. The average price per square foot (SF) also declined by 8.6%, reaching $302 per SF. The monthly supply of inventory saw a slight increase of 0.2 months, reaching 1.4 months. Days on the market increased compared to April 2024, reaching 18 days, which is still relatively fast. Despite these decreases, the market is experiencing very low inventory, making it an extremely strong seller's market.
| Price Boxes | Pending | Sold | Average list price | Average sold price | Sold price to listprice ration | Ave days on themarket |
|---|---|---|---|---|---|---|
| Under $500,000 | 1 | 0 | 0 | 0 | 0% | 0 |
| $500,000-599,000 | 9 | 4 | $207.70 | $211.22 | 102% | 8 |
| $600,000-699,000 | 6 | 1 | $168.62 | $171.01 | 101% | 3 |
| $700,000-799,000 | 2 | 3 | $217.56 | 219.88 | 101% | 12 |
Real estate trends are crucial for gaining a comprehensive understanding of the local real estate market, as they provide valuable insights into market dynamics, property values, and buyer behavior. By analyzing trends such as price fluctuations, inventory levels, and days on market, real estate professionals can make informed decisions, predict future market conditions, and tailor their strategies to meet the demands of buyers and sellers. Additionally, keeping abreast of local trends enables agents to identify emerging neighborhoods, understand the impact of economic factors, and offer precise advice to clients, ultimately enhancing their ability to navigate the market successfully and achieve optimal outcomes.
