Houston Real Estate Market Trends 2024
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2024 Houston Real Estate Market Trends
Houston’s real estate market is ripe with investment opportunities as we look ahead to 2024. The city’s continued population growth, fueled by its diverse economy and affordable living costs, creates a strong demand for housing. This demand extends to both rental properties and homes for sale, presenting lucrative prospects for investors seeking profitable investments and potential appreciation.
Furthermore, the emergence of mixed-use developments and ongoing neighborhood revitalization efforts add to the city’s investment potential, promising vibrant communities and enhanced property values.
Warmer weather and changing market dynamics rejuvenated Houston’s housing market in April, following a slow start to the spring homebuying season. The Houston Association of Realtors (HAR) reported a 9.2 percent increase in single-family home sales, with 7,926 units sold compared to 7,256 in April 2023. Inventory levels also rose to pre-pandemic highs, with months supply climbing from 2.6 to 3.7, the highest since October 2019.
Houston Snapshot
“Overall, total property sales increased by 8.7 percent, and total dollar volume jumped 13.8 percent to $4 billion. Active listings were up 32.3 percent from April 2023.”
Houston Single Family Home Market Snapshot
All housing segments saw sales growth, particularly in the luxury segment ($1 million+), which surged 33.8 percent. HAR Chair Thomas Mouton noted that buyers are adjusting to higher interest rates and sellers are benefiting from increased inventory. The average single-family home price rose 4.6 percent to $437,198, and the median price increased by 3.0 percent to $340,000.
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Houston Real Estate Highlights
- Single-family home sales increased by 9.2 percent compared to last year.
- Days on Market (DOM) for single-family homes decreased from 56 to 49 days.
- Total property sales rose by 8.7 percent, with 9,611 units sold.
Total dollar volume grew by 13.8 percent to $4 billion. - The median price for single-family homes increased by 3.0 percent to $340,000.
- The average price for single-family homes went up by 4.6 percent to $437,198.
- Single-family home inventory rose to a 3.7-months supply, up from 2.6 months the previous year.
- Townhome and condominium sales declined by 1.3 percent, with the median price falling by 1.8 percent to $230,000 and the average price decreasing by 0.5 percent to $278,048.
Article References
- https://www.recenter.tamu.edu/articles/tierra-grande/2024-Texas-Real-Estate-Forecast-2407
- https://www.har.com/blog_118594_top-10-predictions-for-the-houston-housing-market-in-2024
- https://www.har.com/content/department/mls
- https://www.linkedin.com/pulse/houston-real-estate-market-update-january-2024-homes-ali-ghamsari-gsroc/?trk=article-ssr-frontend-pulse_more-articles_related-content-card
https://www.recenter.tamu.edu/data/housing-activity/#!/activity/MSA/Houston-The_Woodlands-Sugar_Land
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