Greater Houston Market Update February 2022

Soaring home prices and evaporating inventory did not stop the greater Houston real estate market from scoring double-digit gains in February 2022! According to the Houston Association of Realtors (HAR) most recent market update, homes in the greater Houston area reached an all-time high as the average price spiked 13.4% to $395,871, while the median price increased 19.3% to $328,000. Sales of all property types jumped up 43.5% for a total dollar volume of $3.5 billion!

 

 

Homes priced between $250,000 and $500,000 led the way in sales for the month, with a jaw-dropping 80.1% year-over-year gain. The $500,000 to $1 million housing segment came in second place, surging 72.3%. That was followed by the luxury market – consisting of homes priced at $1 million and above – which rose by a staggering 33.5%.

 

 

• Single-family home sales rose 22.9% percent year-over-year.
• Days on Market (DOM) for single-family homes dropped from 48 to 41 days.
• Total property sales rose 25.6% with 9,299 units sold.
• Total dollar volume increased 43.5% to a whopping $3.5 billion.
• The single-family average price rose to an ALL-TIME HIGH  to $385,871, a 13.4% jump.
• The single-family median price increased 19.3% to $328,000 – also a set a new record high.
• Single-family home months of inventory registered a 1.3-months supply, down from 1.5 months year-over-year and below the national inventory of 1.6 months.
• Townhome/condominium sales jumped 35.9% with the average price up 22.4% to $266,366 and the median price up 26.8% to $225,00 – both record highs!

 

If you’re on the fence about selling, NOW IS THE TIME! Are you curious what your home is worth in this record-setting market?! CLICK HERE to request a complimentary home evaluation or reach out directly to [email protected] or 832.594.1265.