Houston, Katy, and Fulshear Real Estate Market: Your Essential 2024 Mid-Year Update
Curious about whether home prices are going up or down in in Houston, Katy, and Fulshear? Perhaps you're considering selling current home or buying a new one and are wondering how quickly homes are selling and if there’s any room for negotiation on the asking price?
The first half of 2024 has brought some intriguing trends in our local market. From rising home prices, despite the stubbornly high interest rates, to a slightly slower-paced market and a tad more negotiation wiggle-room.
Read on or click to watch the video below for the inside scoop on:
- The top local market trends you need to know about from the first half of this year.
- Answers to the three most common questions my clients are asking about the Katy, Fulshear, and Houston real estate markets.
- Key insights to help you make informed decisions about buying or selling a home this year.
Rising Home Prices in Houston, Katy, and Fulshear: Your Equity Is Safe
One of the biggest questions I get is whether home prices are going up or down. Good news! If you own a home in the Greater Houston area, your equity is still rising.
Here’s a snapshot of the year-over-year changes in home prices for the first half of 2024:
- Greater Houston: Average sales price increased by 2.17%, reaching $421,410.
- Katy: Average sales price jumped by 5.63%, bringing the average home price to $436,412.
- Katy (77494 zip code): Prices surged by 8.48%, with an average of $570,138.
- Fulshear: Average sales price rose by 0.68%, reaching $517,672.
Market Activity in Houston, Katy, and Fulshear: Timing Is Everything
If you are thinking about selling your current home or buying a new one, you need to know how long it will take so you can time your move to fit your needs. In the Greater Houston, Katy, and Fulshear real estate markets, here’s what the data shows from the first half of 2024:
- Greater Houston: Average days on market increased from 69 days in 2023 to 73 days in 2024.
- Katy: Homes are selling faster, with the average days on market decreasing to 57 days.
- Fulshear: Average days on market decreased from 80 days to 78 days.
- Katy (77450 zip code): Homes are selling even quicker, with the average days on market dropping to 32 days.
- Katy (77494 zip code): Average days on market decreased to 44 days.
Sales Price to List Price Ratio in Houston, Katy, and Fulshear: Negotiation Room
Finally, are homes selling at their asking price? The sales price to list price ratio provides a clear answer. Here’s what the data reveals from the first half of 2024:
- Greater Houston: Sales price to list price ratio slightly decreased from 98.80% in 2023 to 98.50% in 2024.
- Katy: Ratio decreased from 98.80% to 98.60%.
- Fulshear: Ratio remained stable at 98%.
- Katy (77450 and 77494 zip codes): Ratio stands at 99%, indicating homes are selling very close to their asking prices.
An Expert Katy Area Realtor’s Takeaway From the 1st Half of 2024 Market Update
Reading between the lines, these market trends tell us that the Houston, Katy, and Fulshear real estate markets are robust and full of opportunities.
- For sellers, rising home prices mean your investment is growing, and well-priced homes are selling relatively quickly.
- Buyers can take advantage of the modest wiggle room in pricing.
Is Now the Time to Sell Your Houston, Katy, or Fulshear area home?
Want to know the best time to sell your Houston area home to maximize the market activity and increase your profits? Then it's time to start leveraging the market! Here is more information on the best time to put your home on the market according to historical trends.
What do the current Houston, Katy, and Fulshear area market trends mean for your specific real estate goals?
Do you need help weighing the pros and cons of whether now is the time to make a move? For a more detailed analysis and personalized advice tailored to your specific needs, feel free to reach out for a tailored look and the data you need to make the right decision for you!
