Houston Real Estate Market Trends: April 2024 Update

Houston Housing Market Rebounds with April Sales Surge

Single-Family Home Inventory Reaches Pre-Pandemic Levels

April 2024 marked a significant turnaround for the Houston housing market. Warmer weather and shifting market dynamics drove a notable increase in home sales and expanded inventory, presenting new opportunities for both buyers and sellers.

Market Overview

According to the Houston Association of Realtors (HAR), single-family home sales in the Greater Houston area surged by 9.2% year-over-year. The Houston Multiple Listing Service (MLS) reported 7,926 units sold in April 2024, compared to 7,256 in April 2023. The months' supply of homes rose from 2.6 to 3.7, the highest level since October 2019.

Key Statistics

  • Single-Family Home Sales: Up 9.2% from April 2023
  • Average Price: Increased by 4.6% to $437,198
  • Median Price: Rose 3.0% to $340,000
  • Days on Market: Decreased from 56 to 49 days
  • Inventory: Increased to a 3.7-months supply

Segment Performance

All housing segments saw sales increases in April, with the luxury market ($1 million+) experiencing the most significant growth, surging by 33.8%.

  • $1 - $99,999: +24.3%
  • $100,000 - $149,999: +20.9%
  • $150,000 - $249,999: +2.2%
  • $250,000 - $499,999: +6.1%
  • $500,000 - $999,999: +14.0%
  • $1M and above: +33.8%

Existing single-family home sales totaled 5,753 units, a 9.7% increase from the previous year. The average price for existing homes rose 6.8% to $442,773, while the median price increased by 6.1% to $339,500.

Townhouse and Condominium Market

Inventory for townhomes and condominiums reached its highest level in over four years, growing from a 2.3-months supply to 4.5 months. However, sales in this segment saw a slight decline of 1.3% year-over-year, with 537 closed sales compared to 544 in April 2023. The average price for townhomes and condominiums fell by 0.5% to $278,048, while the median price decreased by 1.8% to $230,000.

Conclusion

April 2024 reflects a robust recovery and increased activity across various segments of the Houston housing market. As inventory levels rise and market dynamics shift, both buyers and sellers can find advantageous opportunities. For more detailed market insights and personalized real estate assistance, contact us today!