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.
According to the Houston Association of Realtors’ (HAR) January 2024 Market Update, single-family home sales across Greater Houston rose 9.0 percent. That is only the second increase in two years. The first was in November 2023 when sales were up 5.4 percent. The Houston Multiple Listing Service (MLS) recorded sales of 5,009 units compared to 4,595 in January 2023. Months supply of homes edged up from 2.6 to 3.3.
Houston Snapshot
“According to HAR’s January 2024 Market Update, single-family home sales across Greater Houston rose by 9.0 percent. That is only the second increase in two years.”
Houston Single Family Home Market Snapshot
2024 marks a promising start for the Houston real estate market, particularly in the sub-$800,000 category. Single-family homes for sale have seen a notable 6.3% increase, coupled with a 1.8% rise in homes sold compared to January 2023, indicative of a balanced and active market.
Meanwhile, the luxury segment, encompassing homes above $800,000, has experienced a significant uptick in activity, with a remarkable 12.7% surge in sold properties and an 8.6% rise in listings compared to the previous year.
According to Ali Ghamsari, the CEO at Ghamsar Home Group, this robust growth underscores a high-demand environment for luxury single-family homes, reflecting a promising outlook for both buyers and sellers in Houston’s real estate landscape.
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Commercial Projections in Texas
Looking forward to 2024, the Texas commercial real estate market is set for steady growth in office, retail, and industrial properties. Multifamily housing also remains an attractive option with shifting preferences.
To thrive in the dynamic Texas market, investors must conduct thorough research, collaborate with local experts, diversify portfolios, and stay updated on market trends.
As we anticipate the opportunities in the Texas real estate market for 2024, remember that Catalyst Funding stands ready to support your investment journey. With our deep roots in Houston real estate lending and extensive experience in thousands of transactions throughout the state, we offer tailored products and services to meet the unique needs of both seasoned investors and first-time flippers alike.
Contact Us today to talk about your next real estate investment opportunity in the profitable Texas market.
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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