Houston Market Snapshot
The Houston Real Estate Market continued an upward trend in March 2022, despite increasing interest rates and diminishing inventory across the city. Although new listings did enter the market, unwavering buyer demand greatly exceeded the current inventory, keeping Houston in a strong seller’s market. Additionally, home sellers still saw multiple offers on properties that continued driving prices into record territory.
Single-family homes sales increased 4.1 percent year over year in March 2022, with 9,693 units sold versus 9,309 units sold in March of 2021, according to The Houston Association of Realtors’ (HAR) March 2022 Market Update. The median price for homes increased 15.5 percent to $335,000 and the average home price increased 11.4 percent to $410,923. These rising prices marked a new high as single-family prices had never exceeded $400,00. Strong sales volume in the higher-end homes drove up pricing among the data sets. The largest price increase was seen in homes priced between $500,000 – $999,000 with a 36.1 percent increase.
Separated by housing segment, March sales performed accordingly:
- $1 – $99,999: decreased 32.9 percent
- $100,000 – $149,000 decreased 31.3 percent
- $150,000 – $249,000 decreased 36.9 percent
- $250,000 – $499,000 increased 24.0 percent
- $500,000 – $999,000 increased 36.1 percent
- $1M – and above: increased 16.0 percent