Simply put, we are in unprecedented times here in the Houston real estate market. We’ve been in an accelerating market since about 2013, but due to increased demand and historically low inventory, our market has really reached an entirely new level. Every major January statistic (sales, median price, average price, etc.) in every major category (single-family, townhouse, country homes, etc.) was up significantly over last year, which was the single best year we’ve ever had in the history of Houston real estate!
This boom in sales numbers and pricing is not confined to a few “hot” areas either. It really extends to all parts of the Greater Houston area, from central Inner Loop neighborhoods to far outside the loop, and even to rural properties.
A snapshot of a few different relatively central MLS areas (9, 16, 17 & 22) shows that, for the most part, sales and prices continue to increase, despite the fact that inventory continues to freefall—often by more than half!
For sellers, it’s a phenomenal time to list your home. And while buyers need to be prepared to pay more right now, waiting is not necessarily to your advantage. Price/sq. ft. for new and remodeled homes will only continue to rise because costs (materials, labor, etc.) have increased. Interest rates are going up too. Instead of trying to wait out the market, buyers would be better served by looking in different neighborhoods than they may have originally set their sights on, where they can find more value for their money.