The median price of a single-family home in Houston climbed 19.3% over last year to a record high of $328,000 in February, according to the Houston Association of Realtors. The average sale price rose by 13.4% to $395,871. That beats the previous high of $393,295 in June.
Experts point to a lack of available homes, especially those in more affordable price ranges. The inventory was slimmest for homes in the $200,000 to $249,999 range, with less than a month’s supply.
In February, the average time a home spent on the market was just 41 days. The market is considered balanced - neither buyers nor sellers have an advantage - when six months is the typical time required to sell.
February saw 7,372 single-family units sold, up from 5,997 in February 2021 - a 22.9% jump.
Sales of homes priced below $250,000 fell due to a lack of supply, but February sales of homes $250,000 to $500,000 jumped 80% over last year, while sales of those priced $500,000 to $1 million climbed 72.3%.
Sales of luxury homes priced at $1 million or more went up by 33.5%. If you're looking for one of those, check out your options in River Oaks: