Here in the Houston area, we’re in a pretty busy real estate market, and 2019 is shaping up to be another record year.
According to the latest numbers, we’re seeing a strong surge in the upper market (i.e., homes priced over $750,000). Low interest rates and a robust economy in general have helped all price points across the board, but the luxury market has benefited especially well.
The next biggest gains we’ve been seeing are in the entry-level sector, or homes priced between $150,000 and $250,000. As I’ve said before, affordable housing is becoming a thing of the past, and many first-time homebuyers are getting priced out of the market in the lower price points.
“We’re in a pretty busy real estate market, and 2019 is shaping up to be another record year.”
Here’s what the numbers say specifically about our current market:
- Over 7,500 homes were sold in March—an 8% gain compared to March of 2018
- The median home price is $245,000
- The average home price is $315,000
- Inventory for single-family homes is at four months
Four months of inventory puts us in a seller’s market, but keep in mind that this figure varies by area here in Houston because our marketplace is so big.
In certain areas, we’re also seeing a bit of a “trickle-up” effect where a lot of homes are selling in the lower price points and creating a vacuum at those price points. In Bellaire, for example, a lot of homes are selling in the $750,000 range, and it’s created a very strong market in the $800,000 range.
If you’re a seller, research shows that your home needs to show well and you need to price it according to what the market commands if you want to sell quickly.
As always, if you have any questions about our market or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.