Houston housing markets remained strong in November despite the Thanksgiving holiday, as buyers steer towards positive territory even with inventory hovering at historic lows. Renters brought much-needed business back to lease deals following slight declines last month; it looks like they’re ready for an upswing!
The Houston Association of Realtors (HAR) has released their November 2021 Houston Housing Market Update and it shows that single-family homes sales rose 3.9% compared to last year, with 8,320 units sold throughout the area in just two months! That’s up 22.2%. Year-to-date so far is 12% above 2020 levels which makes this a new record-breaking pace for local real estate as well – more than three quarters ahead!!
A report from HAR also indicates an increase when comparing 2019 statistics against those recorded during peak 2017 conditions: homebuyer activity increased by 15%, whereas listings declined 14%.
For October, homes in the $500,000 to 1 million price range had a year-over-year gain of 49.1%. The next tier up saw an increase of 26% and the luxury segment consisting of homes costing more than $1M showed growth at 23%.
The Houston housing market is heating up! In just one year, prices for single-family homes have increased by 12%. This trend will likely continue as we approach another record high in June 2022.
The heavy volume of high end buying and lack of inventory under $250 thousand pushed overall costs upwards; however, with decentralization around these higher-priced properties, there has been less secondary spreading which means that those who can afford them may see even greater gains than before if they’re looking at purchasing right now or soon enough.
Property values in the area continue to rise with a 5.6% increase from last year, totaling 10,216 sales and $3 billion worth of activity for November!