The Houston real estate market 2024 finished strong, showing resilience despite the ups and downs of mortgage rates and rising home prices. After two years of declining home sales, the market rebounded slightly, with single-family home sales increasing by 1.3%, reaching a total of 85,163 homes sold. Total property sales held steady compared to 2023, and the total dollar volume rose by 3.1%, hitting $41.1 billion.
December Brings a Boost to Home Sales
December 2024 was a pivotal month for the Houston real estate market 2024. Single-family home sales surged by 16.3% compared to December 2023. Luxury homes priced at $1 million and above stood out, with a 64.6% increase in sales, showcasing Houston’s appeal to affluent buyers.
More Homes, More Choices
The Houston real estate market 2024 saw an increase in inventory, giving buyers and sellers more options. Starting the year at a 3.2-month supply, inventory peaked at 4.4 months between August and November—the highest level since 2012. By December, inventory settled at a balanced 4-month supply, meaning neither buyers nor sellers had a clear advantage.
Home Prices Reach Record Highs
Houston home prices climbed to record levels in 2024, with the average price peaking at $443,362 in July. Though prices eased slightly by December, they remained robust:
- Average home price: $422,590 (+2.5%)
- Median home price: $335,000 (+1.5%)
These increases reflect sustained demand in the Houston real estate market 2024, even amidst economic challenges.
The Rental Market Remains Active
As mortgage rates fluctuated, some prospective buyers turned to the rental market in 2024. This trend highlights the importance of diverse housing options in the Houston real estate market 2024.
The Houston Association of Realtors’ Rental Market Update for December 2024 will provide more details and is set to release on January 15, 2025.
What’s Ahead for 2025?
The Houston real estate market 2024 has set the stage for growth in 2025. Expanding inventory and strong demand make this an ideal time to buy, sell, or rent. Whether you’re seeking your dream home, planning to sell, or exploring rental options, Houston’s market offers opportunities for all.
Ready to Make Your Move?
Take the first step in 2025 with expert guidance! Contact Crimson Realty TX today for personalized support in the Houston real estate market.
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