Single family home sales shot up 27.7% in January 2021 compared to the same time last year. That’s great news for prospective sellers and a notice to buyers – be prepared to act swiftly when you find ‘the one’!
According to the latest Houston Association of Realtors (HAR) Market Update, homes priced at $750,000 and above rocketed 73.9 percent compared to January 2020. That was followed by the $500,000 to $750,000 housing segment, which jumped 70.4 percent year-over-year. Homes between $250,000 and $500,000, which comprise the market’s biggest share of sales, shot up 61.9 percent. The single-family home average price climbed 12.5 percent to a January high of $326,063 while the median price increased 12.1 percent to $263,500 – also a January high.
On the supply side, total active listings – or the total number of available properties – fell 31.3 percent as new listings trickled onto the market. A 13.6 percent year-over-year decline in new listings coupled with another strong month of sales drove single-family homes inventory down to a 1.8-months supply compared to 3.3 months a year earlier.