2015 Real Estate Sales Trends in Houston, TX
To say 2015 has been a good year for the Houston real estate market is an understatement. Despite the downturn in the oil industry, housing has remained relatively stable and active. Here is a quick look at that top real estate trends that have taken shape this year.
Home Prices Continue to Rise
The Houston Realtor Association (HAR) reported that in September 2015 the median price of single-family homes rose by 4.5%. The median price now sits at $208,000. Houston also hit a new record high for the average sale price in September with single-family homes selling for $271,000 on average.
More Homes Are Becoming Available
One of the biggest sticking points for Houston buyers has been the low inventory of homes. Developers like Sitterle Homes have been hard at work trying to meet demand, which has resulted in a higher 3.5 month supply of homes. In September 2014 the inventory sat at just 2.9 months.
Demand is Still High in the Houston Housing Market
It’s a good thing there are more homes entering the market, because demand is as high as ever. Last September was a record-setting month for the Houston real estate market, and this September was right on pace for properties listed between $150,000 and $500,000. Overall 6,691 homes were sold, which is a 3.5% increase compared to last year.
Want to learn more about the Houston housing market? Stop by any of Sitterle Homes’ local communities to speak with a real estate expert.