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January Monthly Market Comparison-HAR Report
The Houston housing market’s positive momentum continued in January, with total property sales increasing 1.3 percent year-over-year. Total dollar volume rose 8.9 percent to $2.5 billion. Active listings, or the total number of available properties, were 26.3 percent above the 2024 level.
HAR Report: The rental market started the new year strong with increased demand. HAR will publish its January 2025 Rental Home Update on Wednesday, February 19.
“We're seeing a healthy balance in the Houston housing market as we head into the traditionally busy spring and summer months,” said HAR Chair Shae Cottar with LPT Realty. “Inventory is in a good place to handle the expected uptick in buyer demand. Interest rates will remain a factor, but the market fundamentals are strong.”
HOUSTON — (February 12, 2025) HAR Report— Houston's resilient housing market weathered a rare winter storm in January. While the record snowfall caused temporary disruptions, the market quickly rebounded and maintained a healthy balance between supply and demand.
According to the Houston Association of Realtors’ (HAR’s) January 2025 Housing Market Update, single-family home sales across the Greater Houston area rose 1.2 percent, with 5,064 units sold compared to 5,002 in January 2024. This marks the fifth consecutive month of sales growth, a trend last observed in the first half of 2021.
The high end of the market continued to experience a wave of buyer interest. The luxury segment ($1 million+) recorded a 20.7 percent increase in sales compared to last January. Next was the $500,000 to $999,999 segment which saw an 8.1 percent gain. Homes priced between $250,000 and $499,999 made up the most sales in January, but sales were 1.6 percent below last year’s level. The segment comprised of homes priced $149,99 and below also experienced a slowdown in sales activity.
Houston Real Estate Highlights for December and Full-Year 2024-HAR Report
Following two consecutive years of declines, single-family home sales rebounded in 2024 with 85,163 single-family homes sold compared to 84,038 in 2023 – an increase of 1.3 percent;
Total property sales for full-year 2024 were statistically flat at 101,864 units while the total dollar volume increased 3.1 percent to $41 billion;
December single-family home sales climbed 16.3 percent year-over-year with 7,162 units sold;
Total December property sales increased 13.6 percent to 8,478 units;
Total dollar volume for December rose 20.5 percent to $3.5 billion;
The single-family home median price edged up by 1.3 percent to $334,290 while the average price increased 5.0 percent to $425,150;
Single-family homes months of inventory expanded to a 4.0-months supply;
The townhome/condominium market experienced declining sales throughout 2024, and in December, volume declined 5.8 percent, with the average price up 2.5 percent to $268,152 and the median price statistically flat at $234,250;
Townhome/condominium inventory improved from a 3.5-months supply to 5.4 months.
Townhouse/Condominium Update-HAR Report
Townhome and condominium sales declined throughout most of 2024, with the exception of October, which saw positive sales activity. December volume was down 5.8 percent with 389 units sold versus 413 a year earlier. The average price rose 2.5 percent in December to $268,152 and the median price was statistically flat at $234,250. Inventory improved from a 3.5-months supply to 5.4 months.
HAR Report: Days on Market, or the actual time it took to sell a home, increased from 57 to 59. Months of inventory expanded from a 3.3-months supply last December to 4.0 months. The current national supply stands at 3.8 months, as reported by the National Association of Realtors (NAR).
Broken out by housing segment, December sales performed as follows:
$1 - $99,999: unchanged
$100,000 - $149,999: increased 27.3%
$150,000 - $249,999: increased 17.5%
$250,000 - $499,999: increased 14.8%
$500,000 - $999,999: increased 18.2%
$1M and above: increased 64.6%
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 4,525 in December. That is up 17.6 percent versus the same month last year. The average sales price increased 8.6 percent to $431,899 while the median sales price rose 4.2 percent to $325,000.
December Single-Family Homes Update-HAR Report
Single-family home sales totaled 7,162, up 16.3 percent from December 2023. This marked the fourth month in a row where sales were in positive territory. The median price edged up by 1.3 percent to $334,290. The average price increased 5.0 percent to $425,150.
December Monthly Market Comparison-HAR Report
The Houston housing market finished the year strong with all indicators in positive territory in December. Total property sales increased for the third consecutive month. Sales were up 13.6 percent year-over-year while total dollar volume rose 20.5 percent to $3.5 billion. Active listings, or the total number of available properties, were 21.6 percent ahead of the 2023 volume with 45,714 units.
HAR Report: May registered the year’s greatest sales volume with 8,482 single-family units sold during the month. By the time the year wrapped, 85,163 single-family homes had sold across the Greater Houston area. That is up 1.3 percent from the 84,038 homes sold in 2023.
Home prices reached record highs in 2024. In July, the average home price hit a record $443,362, topping the previous record just two months earlier when the price was $441,162. Home prices have eased since then to $425,150 in December. On a year-to-date basis, the average single-family home price increased 2.5 percent to $422,590 while the median price rose 1.5 percent to $335,000.
2024 Annual Market Comparison-HAR Report
Volatile mortgage interest rates created a complex landscape for the Houston housing market during the first half of 2024. The year started on solid footing with steady sales, but there was a shift when the spring homebuying season got off to a sluggish start. Home sales were up and down through the spring and summer months. When the Federal Reserve implemented its first of three rate cuts in September to combat inflation, it provided a boost in confidence to prospective homebuyers, even though mortgage rates were not greatly impacted. However, rates did ease from the 20-year high of eight percent that was seen in 2023 to the high-six and seven percent range. Home sales topped 2023 levels from September through December.
Expanding inventory also helped fuel the increase in market activity, offering opportunities for buyers and sellers. At the outset of 2024, inventory was at a 3.2-months supply. In August through November, it grew to a 4.4-months supply, the highest level since September 2012 when the market had a 4.7-months supply. In December, inventory stood at a 4.0-months supply. A 4.0- to 6.0-months supply has traditionally been considered a “balanced market” in which neither buyer nor seller has an advantage.
