HAR Report: “It was impossible to know what 2021 would have in store for Houston real estate, especially as the surges in coronavirus variants began affecting our area, but the need for housing never abated and REALTORS delivered,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “Limited inventory and shortages of building supplies and labor on the new construction side also posed serious challenges, but the market powered through it all to achieve a record year. As we enter 2022, inventory and affordability are definite concerns.”
Single-family home sales experienced their third decline of 2021 in December, falling 4.5 percent versus December 2020. However, that was not enough to prevent the market from hitting record-breaking territory. The strongest monthly sales volume registered was among homes priced between $500,000 and $999,999, which jumped 41.4 percent year-over-year. Homes in the $250,000 to $499,999 range came in second place with a 17.0 percent increase The luxury market, consisting of homes priced at $1 million and up, ranked third in sales activity, climbing 8.8 percent.
The median price of a single-family home – the figure at which half of the homes sold for more and half sold for less – established a new historic high of $319,000 in December. The average price reached the second highest level of all time – $392,449.