Houston housing market

HAR Report: “Following two years of declining sales, 2024 brought a welcomed balance to the Houston housing market,” said HAR Chair Shae Cottar with LPT Realty. “While higher mortgage rates presented financial challenges for some consumers, the Houston market weathered these rate fluctuations better than many other regions across the country. I believe that the strong sales activity and expansive inventory we experienced in 2024 bodes well for home buyers and sellers in 2025.”

 

Houston’s rental market had a robust performance in 2024 as many prospective homebuyers waited to see if mortgage rates would stabilize. HAR will report on rental trends in the December 2024 Rental Market Update, which will be released on Wednesday, January 15. 

HOUSTON — (January 8, 2025) HAR Report— After two consecutive years of declining sales, the Houston housing market experienced modest growth in 2024. Homebuyers kept the resale and rental markets active despite fluctuating mortgage rates and higher home prices. As 2025 gets underway, steady demand and expanding inventory have set the stage for continued growth.

 

According to HAR’s December/Full-Year 2024 Housing Market Update, total property sales were statistically flat compared to 2023. Single-family home sales rose 1.3 percent to 85,163. Total dollar volume for full-year 2024 climbed 3.1 percent to $41.1 billion versus $39.8 billion the prior year.

 

For December, single-family home sales saw double digit growth of 16.3 percent year-over-year. Most of the housing segments experienced increases, with the luxury segment - consisting of homes priced $1M and above – seeing the strongest increase in activity. Sales in this segment climbed 64.6 percent when compared to last December.

Houston housing market Highlights

 

Houston Real Estate Highlights in November-HAR Report

  • Single-family home sales increased 6.0 percent year-over-year;

  • Days on Market (DOM) for single-family homes went from 48 to 52 days;

  • Total property sales were up 3.3 percent with 7,750 units sold;

  • Total dollar volume rose 11.1 percent to $3.1 billion;

  • The single-family median price was up 1.5 percent to $329,900;

  • The single-family average price climbed 4.1 percent to $418,903; 

  • Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last November.

  • Townhome/condominium sales declined 12.0 percent year-over-year. The median price declined 6.6 percent to $224,000, and the average price was down 10.0 percent to $242,617.

Houston housing market

HAR Report: Days on Market, or the actual time it took to sell a home, increased from 48 to 52. Months of inventory has held steady at a 4.4-months supply since August. Last November, there was a 3.5-months supply. The current national supply stands at 4.2 months, as reported by the National Association of Realtors (NAR).

 

Broken out by housing segment, November sales performed as follows:

  • $1 - $99,999: increased 21.3 percent

  • $100,000 - $149,999: decreased 8.3 percent

  • $150,000 - $249,999: increased 10.1 percent

  • $250,000 - $499,999: increased 3.3 percent

  • $500,000 - $999,999: increased 13.3 percent

  • $1M and above: increased 21.4 percent

 

HAR also breaks out sales figures for existing single-family homes. In November, existing home sales totaled 4,281, up 10.6 percent compared to the same time last year. The average price rose 7.4 percent to $439,206, and the median sales price increased 2.4 percent to $327,680.

Single family home for sale/rent in Houston

Single-Family Homes Update-HAR Report

 

There were positive indicators across the board in November. Single-family home sales posted gains for the third month in a row, growing 6.0 percent from last November. A total of 6,559 units were sold across the Greater Houston area compared to 6,187 last year. The average price rose 4.1 percent to $418,903, and the median price edged up by 1.5 percent to $329,990. The price per square foot increased to $175 from $172 in November 2023.

Houston housing market Comparison

November Monthly Market Comparison-HAR Report

 

November marked the second consecutive month where total property sales were in positive territory with sales increasing 3.3 percent year-over-year. Total dollar volume rose 11.1 percent to $3.1 billion. Active listings, or the total number of available properties, were 22.1 percent ahead of the 2023 level.

Houston housing market

HAR Report: Rentals of single-family homes experienced sustained demand in November. HAR will publish its November 2024 Rental Home Update on Wednesday, December 18.

 

“Houston's housing market continues to demonstrate its strength and stability, even with rising mortgage rates,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “This positive momentum bodes well for both buyers and sellers as we enter the home stretch of 2024. While increased inventory is attracting more people to the market, we know that many consumers remain cautious due to concerns about interest rates and inflation.”

Houston housing market

HOUSTON — (December 11, 2024)/HAR Report — While the temperatures cooled in November, the Houston housing market remained temperate, with homebuyers seemingly undeterred by rising mortgage rates. Home sales surpassed 2023 levels for the third consecutive month, while inventory continued to expand. 

 

According to the Houston Association of Realtors’ (HAR) November 2024 Housing Market Update, single-family home sales across the Greater Houston area increased 6.0 percent, with 6,559 units sold compared to 6,187 in November 2023. The increase in home sales is likely due to lower mortgage rates in September and early October, which attracted more buyers to the market.

 

Only homes priced between $100,000 and $149,999 saw declines during the month, however that segment comprises just 2.1 percent of the overall market. The high end of the market saw the strongest performance in November. Sales in the luxury segment ($1 million+) were 21.4 percent higher than the same time last year. That is followed by the housing segment with homes priced below $99,999, which made up 1.3 percent of all home sales in November. It recorded a 21.3 percent rise in sales compared to last year. 

 

Houston housing market

Houston Real Estate Highlights in October-HAR Report

  • Single-family home sales increased 12.8 percent year-over-year; • Days on Market (DOM) for single-family homes went from 48 to 51 days;

  • Total property sales were up 10.2 percent with 8,627 units sold;

  • Total dollar volume rose 19.5 percent to $3.5 billion;

  • The single-family median price was up 2.7 percent to $334,900;

  • The single-family average price climbed 5.2 percent to $423,166;

  • Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last October.

  • Townhome/condominium sales increased for the first time in two years, with sales up 6.5 percent year-over-year. The median price declined 3.2 percent to $232,400, and the average price rose 2.6 percent to $279,018.