Summer 2024 Real Estate Market Recap: Record High Prices & More Options in Houston, Katy, and Fulshear
As the summer of 2024 wraps up, it's time to look back at what’s been happening in the real estate market across Houston, Katy, and Fulshear. This summer, we saw record-breaking home prices, an increase in available homes, and a shift toward a more balanced market with slightly higher days on the market. Whether you’re buying, selling, or just curious, here’s what you need to know about what went down these past few months.
Ready to dive into:
- The stats that matter in the Houston, Katy, and Fulshear real estate markets.
- Notable market shifts.
- What the current market means for sellers and buyers.
Want tips and strategies on how to leverage the market to your advantage? Contact me at 832.594.1265 or [email protected] for a tailored look at achieving your real estate goals!
Read on for the detailed breakdown or click the video below for your one-minute market update!
Record-High Home Prices Amid Growing Inventory: The Anomaly
Greater Houston:
Houston’s housing market didn’t just keep pace this summer—it set new records! In July, the average home price hit an all-time high of $445,440. That’s a 4.7% jump compared to last year. Even though we’re seeing more homes on the market (a 4.3-months supply by July), the demand is still there, especially for high-end properties. Houston is showing us that it can handle more homes without losing its competitive edge.
Katy:
Katy’s market is still going strong, with the average sales price reaching $459,603 over the summer. This represents a 6.1% year-over-year increase, showing that Katy continues to be a highly desirable area for buyers. Homes here are selling pretty quickly, with an average of just 50 days on the market, which is up by 10 days compared to last summer. If you’re looking in the 77450 and 77494 zip codes, you’ve seen even higher prices—$476,373 and $610,384, respectively.
- 77450 (Katy Zip Code):
This zip code saw a notable 5.8% increase in the average sales price year-over-year, climbing to $476,373. Homes here are moving fast, with an average of just 26 days on the market, which is up slightly from last year but still very competitive. - 77494 (Katy Zip Code):
The 77494 zip code experienced an impressive 9.5% year-over-year increase in average sales price, soaring to $610,384. This area continues to be one of the most sought-after in Katy, with homes spending just 31 days on the market—another indication of strong buyer demand.
Fulshear:
Fulshear is a bit of a mixed bag this summer. While the average sales price dipped slightly by 3.7% year-over-year to $525,775, it’s still one of the pricier markets around. The Days on Market (DOM) in Fulshear increased to 63 days, which is a bit longer than in Katy, but buyers are still willing to pay close to the asking price, with a strong Sales Price to List Price Ratio of 0.988. This slight decrease in price reflects a more balanced market, giving buyers a bit more leverage than they had last year.
Houston’s Shift Toward a Balanced Market
One of the big stories this summer is the increase in the number of homes on the market. In May, we saw a 4.0-months supply of homes, which grew to 4.3 months by June and July. For comparison, a balanced market—where neither buyers nor sellers have a clear advantage—typically has a 4.0 to 6.0-months supply.
What Does This Mean for Buyers and Sellers in Houston, Katy, and Fulshear?
This means buyers have more options and can take their time finding the perfect home and sellers have more reassurance that they can still sell when prices are at all-time highs with plenty of options to choose from on their next home!
For sellers: This summer has been a great time to sell, especially in Katy and those hot zip codes where prices have surged by nearly 10%. If your home is well-prepared and priced right, you’ll attract plenty of attention and sell quickly.
For buyers: With more homes to choose from and a slightly slower pace, now is a fantastic time to find your dream home in Houston, Katy, or Fulshear. You’ve got more options and a bit more time to make your decision.
For selling and buying simultaneously: THIS IS YOUR MARKET MOMENT! You have the advantage of selling when home prices just set a new all-time pricing high record, while also not having to worry that you will have no place to call home.
A Quick Snapshot of the Summer Market in Houston, Katy, & Fulshear
Looking Ahead
As we head into the fall, the market is poised for more shifts. Mortgage rates are the key factor to watch. Mortgage Rates just hit a 15-month low and experts are double-downing that the Fed will cut rates again after their September meeting.
But one thing’s for sure—whether you’re buying or selling, staying informed is your best strategy.
Ready to make your move? Let’s chat about how you can take advantage of the current market. I’m here to help you navigate these changing dynamics and achieve your real estate goals. Reach out today for a personalized consultation!
Jenny Becker
Your trusted Realtor for Houston, Katy, and Fulshear
