As the Houston real estate market heats up even more, we’re feeling extra lucky this St. Patrick’s Day to be your chosen agency!
The Houston Association of Realtors revealed in its latest report that the month of February has been the highest median single-family home price ever in Houston. Strong sales in the upper end of the market – an increase of 20-plus percent for sales over $250,000 since the same time last year – have driven Houston’s median single-family home price up 7.3 percent to $220,000.
According to HAR Chair Cindy Hamann, homebuyers’ purchasing power was mainly reflected in most homes purchased at $250,000 and above, as well as in the condo market, with condos priced at $162,000 or above. This “sweet spot” of activity has shown to be paramount to the future of Houston’s housing market–where currently there’s less housing inventory than rates of growth can sustain. Though Houston shows positive signs of jumping on the fast track to more inventory as new builds arise all over the city and investment properties fly off the market.
Hamann and the Houston Association of Realtors believe that for the market to continue to improve and furthermore settle into a sustainable balance, inventory in the city needs to improve a bit, but the current sales pace is healthy. She noted, “We still believe the Houston real estate market is experiencing sustainable sales levels as we wrap up the first quarter of the year.”
If we helped you buy, sell or lease a home this year, we’re lucky to have worked with you! Thank you for choosing Krueger. Enjoy your St. Patrick’s Day weekend with this list of Houston festivities!