Houston Housing Market Update July 2022

Experts said it’s still a seller’s market in Houston, but it’s not quite as hot as it was a year ago.

HOUSTON – Just a few months ago, housing deals flooded in. Now in Houston, experts said it’s still a seller’s market, but it’s not quite that hot.

At her office in Heights, Nan & Co. said. Properties Houston real estate associate Alex Berry: “It’s still a seller’s market, but this ‘white hot’ seller’s market … it’s a bit chilled.”

Yet over the past decade, Houston homes – including her own – have risen exponentially.

“I bought it in the 200s … our average right now is over $ 500,000,” Berry said.

A combination of low inventory, high demand, prices, interest rates and inflation drives the market.

“We were a little over 6% recently (interest rates) and we got a little relief there. But they are expected to be, I hear, in the 7s by the end of the year,” Berry said.

This translates to, “Instead of eight to 10 offers, we see two to three,” Berry said.

According to the Houston Association of Realtors, sales of single-family homes fell 8.6% last month – with nearly 1,000 fewer units sold. This is the third monthly drop in a row year-on-year.

According to the Houston Association of Realtors’ June 2022 market update, 9,728 units were sold compared to 10,649 in June 2021.

However, Berry said it is important to remember that 2021 was a record year for home sales.

“Compared to this time last year, we are selling more dollar-wise,” Berry said.

The hottest market right now, she said, is for homes between $ 500,000 and $ 1 million.

It will likely continue to be a seller’s market, she said, and if you want to sell now, you need to plan accordingly.

“We need to price correctly and we need to make sure the house is in top shape to get on the market because it will be more competitive for sellers,” Berry said.

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