Q1 Market Update
And just like that we are finished with Q1! We could not have asked for a better start to 2022 with successfully closing on multiple homes this past quarter. I’m so happy we were able to create an amazing real estate experience for all of my clients and look forward to bringing this success into the coming seasons. As we look back on the past three months, we wanted to share a few of the trends we have noticed in 2022, so far, and where we believe the Houston market is headed in Q2.
Prices Reach Record High and Inventory Hits All-time Low
Even though a time of skyrocketing prices and extremely low inventory, the Houston real estate market ended its first quarter on a positive note with a 22.9% increase in homes sold compared to February 2021, as reported by HAR. (However, it is important to note the increase in the statistics from 2021 to 2022 is likely to be distorted due to the extreme, freezing weather Houston endured in 2021). Despite the lower inventory, sales are up and these reports reflect the hot market we are seeing with new listings hitting the MLS daily.
Decreased Days on the Market for Single-Family Homes
As mentioned previously, the average sales price climbed 13.4 percent to $395,871 while the median sales price has risen 19.3 percent to $328,000. Since we are always keeping our clients in mind, consumers need to prepare for bidding wars as 43% of homes nationwide are selling above the listing price. And this is no different in Houston. Potential buyers are having to act quickly on offers as the ‘days on market’ for single-family homes has decreased from 48 to 41 days. Since the market is becoming increasingly competitive, buyers need to be prepared for competitive offers. If you are in the market to buy or sell a home, it is more important than ever to reach out to us, so we can help you craft the best offer and make the experience as efficient as possible.
Where We Are Headed
As Q1 is officially in the past, it is time to look forward to the rest of 2022. Prices are predicted to continually rise for the remainder of the year. Now is the time to act if you are in the market to sell. The advantage is greater than ever as homes are being sold faster and at higher prices than in previous years. So, how do you know if investing in Houston real estate is the right move? If you are debating the value of investing in Houston real estate, we are here to tell you Houston homes make for a great long-term investment. The value of Houston homes continues to be one of the best long-term real estate investments in the US. Houston real estate has increased over 20% in the last twelve months so now is the time to take action in this Houston market.