Multiple offers pushing home prices up to new ALL-TIME highs
Spring selling season is off to a strong start with multiple offers pushing home prices up to new ALL-TIME highs in the Bayou City! Unfazed by the record low supply of inventory, rising interest rates, and soaring home prices across the greater Houston area, buyers kept the local real estate market in positive territory in March while setting two new pricing records in the process.
According to the Houston Association of Realtors March 2022 Market Update, the median price climbed 15.5% to $335,000 while the average price rose 11.4% to $410,923. These prices are not only new record highs, but the average price represents the first time that single-family pricing has exceeded $400,000! On a year-to-date basis, the local real estate market is currently 10.8% of 2021’s record-setting year.
Except for the number of active listings (the total number of available properties), all the monthly measurements showed positive readings. Sales of all property types increased 4.3% year-over-year, totaling 12,149, and total dollar volume for March increased by a staggering 15.7% to $4.6 billion. Pending sales are up 3.8% suggesting that April will be another strong month for home sales across the greater Houston area!
Homes priced between $500,000 and $1 million led the way in sales for the month, registering a 36.1% year-over-year gain. The $250,000 to $500,000 housing segment came in second place, climbing 24%. That was followed by the luxury market – consisting of homes priced at $1 million and above – which increased by 16%.
The number of available homes on the market remained unchanged at a 1.3 months supply. That is only slightly above Houston’s lowest inventory level of all time – 1.2 months, which was recorded in February 2022. The current national inventory stands at 1.7 months, as reported by the National Association of Realtors.
If you are thinking about listing your home, you're in luck!
While new listings are entering the market each week, buyer demand has consistently outpaced that supply, and multiple offers on homes continue to push pricing into record territory, solidifying Houston’s position as a sellers’ market!
Houston Real Estate Highlights in March 2022:
- Two new all-time high pricing records were set last month:
- The average price jumped up 11.4% to $410,923, the first time that pricing has topped $400,000;
- The single-family median price increased by 15.5% to $335,000.
- On a year-to-date basis, the local real estate market is currently 10.8% of 2021's record-setting year.
- Total dollar volume increased 15.7% to $4.6 billion.
- Total property sales rose 4.3% with 12,149 units sold.
- Single-family home sales increased 4.1% year-over-year.
- Single-family home months of inventory registered a 1.3-months supply, unchanged from one year earlier.
- Townhome/condominium sales rose 8.7% with the average price up 5.8% to $255,334 and the median price up 10.4% to $215,000.
- Single-family home rentals are up 18.3% with the average rent up 6.7% to $2,075/month.
If you’re on the fence about selling, NOW IS THE TIME! Are you curious about what your home is worth in this record-setting market?! CLICK HERE to request a complimentary home evaluation or reach out directly to jenny.becker@compass.com or 832.594.1265.
