Houston Real Estate Snapshot: Single-Family Market Trends for November 2024
The Houston real estate market continues to present strong opportunities for buyers and sellers, with significant insights emerging from the November 2024 snapshot. This report highlights key metrics for single-family homes, providing valuable data for investors, homeowners, and real estate professionals.
Median Home Price
The median home price for November 2024 stands at $336,520, reflecting a slight decrease compared to previous months. This fluctuation aligns with seasonal trends and could present buying opportunities for those entering the market.
Median Sale Price and Inventory
- Median Sale Price: Holding steady at $336K, offering a clear perspective on current market value.
- Months of Inventory: With 5.4 months, the market remains balanced, favoring neither buyers nor sellers heavily. This equilibrium signals a stable and sustainable environment for transactions.
Homes Sold
A total of 5,406 single-family homes were sold in November, showcasing robust activity in the market. This figure underscores the strong demand for housing in Houston, even as we approach the year-end.
Days to Sell
Median days to sell a property remain consistent at 28 days, reflecting a quick turnover rate. This consistency highlights the market’s efficiency and the competitive nature of single-family home sales.
Listing Status
- Active Listings: The majority of listings (64.3%) are actively on the market, providing ample choices for buyers.
- New Listings: Newly listed properties account for 23.6%, signaling steady inventory replenishment.
- Pending Sales: Properties under contract make up 12.1%, indicating ongoing demand.
List Price per Square Foot
The list price per square foot shows a minor fluctuation, with:
- September: $192/sqft
- October: $191/sqft
- November: $194/sqft
This metric reveals consistency in property value, making it easier for buyers and investors to plan budgets effectively.
Key Takeaways for Buyers and Sellers
- Buyers: Take advantage of the balanced inventory and steady prices to secure a property before the end of the year.
- Sellers: With homes selling in under a month on average, the market remains favorable for listing properties.
- Investors: The consistent demand and stable price per square foot make Houston a prime location for real estate investment.
Why Houston Real Estate?
Houston’s single-family housing market offers both stability and opportunity. Whether you’re buying your first home, investing in real estate, or considering selling, these market insights empower you to make informed decisions.
For personalized assistance in navigating the Houston real estate market, contact AlJuhani Realtor® today. With expertise in residential and investment properties, we’re here to help you achieve your real estate goals. Visit www.aljuhaniTXre.com or call 832-990-0000 to get started.