The Houston real estate market continued to soar in February with year-over-year sales up in every major category, from single-family homes to country homes to townhouses. Prices also continued to rise by significant amounts in February and inventory remained historically low.
Year-over-year single-family home statistics saw huge increases across the board: sales (23 percent), average price (13 percent), and median price (19 percent). As one major indicator of the strength of the market, February single-family sales increased by at least 33 percent for every price segment of $250,000 or higher.
This strong market is widespread too, with nearly every MLS area seeing a year-over-year increase in single-family home sales and prices. Much of this has to do with our low inventory levels. February saw months inventory drop to a shockingly low 1.3-months supply! For reference, 6.0-months supply is considered a healthy market.
It’s been an unprecedented first two months of the year for our market, and things only figure to pick up as we enter the always busy spring selling season. It remains a great time to be a seller and buyers need to be prepared for an extremely competitive market. The good news for buyers is that we should see inventory slowly begin to rise in the coming months. 2022 will continue to be a seller’s market, but we expect things to balance out just a bit by year’s end.