October Real Estate Market Update
Ali Ghamsari
Helping Houston & Katy homeowners sell their homes as-is for market value, with no repairs needed! Perfect for properties priced between $300K and $500K. Ready to learn more? Ask me about the "Smart Seller Offer"!
Discover the latest trends in the Houston real estate market as the year comes to a close. Prices in the luxury market have remained stable, while properties below $700,000 have seen a slight decrease compared to September.
Below $700,000 real Estate market update
As the Houston real estate market approaches the end of the year, properties below $700,000 are experiencing a typical slowdown. The average price per square foot has decreased by 3.1% to $157/SF, while the median price has dropped by 2.1% to $284,000 compared to September.
Despite a 16.2% decrease in the number of houses sold in October, the number of houses for sale only increased by 1.3%. As predicted, the Month Supply of Inventory has slightly increased by 2.1% in October, reaching 3.2 months.
Overall, Houston continues to face a low inventory situation, which is advantageous for sellers in the market.
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Above $700,000 Real Estate market update.
The luxury real estate market is experiencing a downward trend as we approach the end of the year. In October 2023, the number of sold properties decreased by 13.1% compared to September, while the number of houses for sale increased by 3.7%. However, there is a difference in the market as the month's supply of inventory decreased by 7.9% to reach 4.1 months.
Although the median sold price in October 2023 increased by 11.8% compared to September 2023, the average price per square foot remained relatively stable with a slight increase of 0.3% during the same period.
In summary, the luxury real estate market is currently in a balanced state, and we do not anticipate significant changes until the end of the year based on the current situation.
Conclusion
As the year draws to a close, the Houston real estate market tends to slow down overall. However, it's important to note that different neighborhoods may present unique dynamics. Take, for instance, Energy Corridor and Memorial West where the market remains highly active, with buyers fiercely competing for their dream homes. When we delve into local market segments, we uncover a diverse range of stories.