November Market Update
Ali Ghamsari
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Below $800,000 Real Estate Market Update
The real estate market is gradually cooling off as we step into November, marking the beginning of the end of the year. While the demand for real estate properties below the $800,000 range remains high in November, there has been a 4.1% increase in the number of houses for sale, accompanied by a 12.9% decrease in the number of sold properties compared to the same period in 2022. This low inventory condition is putting a strain on the market, with the Month Supply of Inventory declining by 4.2% compared to the same period in 2022, reaching a record low of 3.5 months.
The number of properties sold decreased while the number of properties increased. However, the median price remained stable in November at $327,925, showing no change compared to the previous year. On the other hand, the Average price per SF experienced a 3.9% increase, reaching $161.
Above $800,000 Real Estate Market Update
In November 2023, the real estate market in Houston above $800,000 witnessed heightened activity compared to previous years. The number of available houses for sale increased by 1.2%, while the number of properties sold saw a notable rise of 3.4% compared to the same period in 2022.
In November 2023, the median price experienced a notable 8.5% increase. On the other hand, the average price per square foot saw a slight decline of 1.6%. Despite the upward trend in median price, the market value remained relatively unchanged compared to November 2022.
The Month Supply of Inventory experienced a 6.2% increase compared to November 2022, reaching 5.8 months. While these figures indicate a seller's advantage in the market, considering the price range, it is more prudent to classify it as a balanced market.