Real Estate Market In Houston 2023: Key Insights And Trends

If you’re reading this, chances are you’re interested in the real estate market in Houston. Whether you’re looking to buy or sell a home, you’ve come to the right place. I’m here to give you a comprehensive update on the Houston housing market and answer some of the most frequently asked questions. So, let’s dive in!

Houston Real Estate Market: The Current Scenario

The Houston real estate market has been a hot topic of discussion in recent times. In 2022, the market saw record-high average and median prices, but also declining sales, particularly due to a lack of inventory. However, the market is showing signs of stabilization in 2023.

Homes in Houston typically appreciate at a 3.0 to 4.0 percent annual rate, but that surged to 18.2 percent in February ’22. As of June 2023, Houston home prices were up 0.6% compared to last year, selling for a median price of $342K.

The number of homes for sale in Houston, TX increased by 7.6% between May 2023 and June 2023. This increase in inventory is a positive sign for buyers in the market.

Common Questions

Are house prices going down in Houston?

The median listing home price in Houston, TX was $350K in June 2023, trending down -2.8% year-over-year. So yes, the prices are slightly going down, but it’s important to remember that real estate trends can change quickly.

Are home prices dropping in Houston 2023?

Yes, home prices in Houston are showing a downward trend in 2023. This could be a great opportunity for potential buyers to get a good deal.

Is it a good time to buy property in Houston?

With the increase in inventory and a slight decrease in prices, it seems like a favorable time to buy property in Houston. However, it’s always recommended to consult with a real estate professional before making any decisions.

Is it still a sellers market in Houston?

Despite the slight decrease in prices, Houston still remains a seller’s market due to the high rate of appreciation and the demand for homes.

What is the best time to buy a house in Houston?

The best time to buy a house often depends on market conditions, which can vary. However, with the current trend of increasing inventory and decreasing prices, now might be a good time to consider buying a house in Houston.

Is this a good time to sell a house in Houston TX?

Given the high rate of appreciation and the demand for homes, it could still be a good time to sell a house in Houston. However, it’s best to consult with a real estate professional who can provide advice based on your specific situation and the current market trends.

If you have more questions or need professional advice on buying or selling a house in Houston, don’t hesitate to reach out to Mark Fuller and the Fuller team at SWRE.

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