The Memorial Drive real estate market in the 77079 area has shown remarkable growth and increased activity in July 2024 compared to July 2023. Here are the key statistics for properties priced above $800k: Decrease in Number of Properties for Sale: The number of available properties decreased by 16.7%, indicating a tighter inventory.
Increase in Number of Sold Properties: The number of sold properties surged by 42.9%, reflecting strong buyer demand.
Median Price Increase: The median price saw an impressive rise of 18.2%, signaling a significant appreciation in property values.
Average Sale Price per Square Foot: This metric increased by 12.7%, with the average sale price per square foot now at $337.
Average Sale Price: The average sale price in July 2024 was $1,230,935.
Month Supply of Inventory: The Month Supply of Inventory was at 1.9 months, confirming a strong seller's market.
| Price Boxes | Sold | Average list price | Average sold price | Sold price to list price ratio | Ave days on the market |
|---|---|---|---|---|---|
| $800,000-999,000 | 7 | $304.16 | $308.32 | 101% | 34 |
| $1,000,000-$1,299,000 | 7 | $327.09 | $316 | 97% | 40 |
| $1,300,000-1,499,000 | 3 | $372.40 | $363.65 | 98% | 18 |
| $1,500,000-$1,699,000 | 1 | $372.78 | $372.8 | 100% | 20 |
| $1,700,000-$1,999,000 | 4 | $427.66 | $411.55 | 96% | 9 |
| $2,000,000 & Above | 0 | 0 | 0 | 0% | 0 |
The below $800k real estate market in the Memorial Drive 77079 area has experienced notable shifts in July 2024 compared to July 2023. Here are the key statistics:
Increase in Number of Properties for Sale: The inventory of available properties increased by 5%, providing more options for buyers.
Decrease in Number of Sold Properties: The number of sold properties decreased significantly by 44.4%, reflecting a shift in market dynamics.
Median Price Increase: Despite fewer sales, the median price increased by 16%, indicating continued appreciation in property values.
Average Sale Price per Square Foot: This metric saw a modest rise of 2.5%, with the average sale price per square foot now at $248.
Average Sale Price: The average sale price in July 2024 was $694,600.
Month Suppl of Inventory: The monthly supply of inventory stood at 3.7 months, indicating a balanced market with stable demand.
Month Suppl of Inventory: The monthly supply of inventory stood at 3.7 months, indicating a balanced market with stable demand.
| Price Boxes | Sold | Average list price | Average sold price | Sold price to listprice ration | Ave days on themarket |
|---|---|---|---|---|---|
| Under $500,000 | 1 | $266.11 | $266.11 | 100% | 95 |
| $500,000-599,000 | 2 | $208.23 | $206.35 | 99% | 12 |
| $600,000-699,000 | 2 | $249.47 | $250.03 | 100% | 6 |
| $700,000-799,000 | 6 | $277.41 | $269.28 | 97% | 32 |
The Memorial Drive 77079 real estate market demonstrates robust activity and varying trends across different price segments. While the above $800k market is experiencing a seller's advantage with high demand and rising prices, the below $800k market shows a balanced yet stable environment with growing inventory and appreciating property values. For both buyers and sellers, understanding these trends is crucial for making informed decisions. Whether you're looking to buy or sell in the Memorial Drive area, staying abreast of these market dynamics will help you navigate the real estate landscape effectively. Contact us today for a detailed market analysis and personalized guidance tailored to your real estate needs in the Memorial Drive 77079 area.
