Houston Market Report: March 2018
Norhill Realty April 17, 2018
The Houston housing market has yo-yo-ed a bit this year. After a slow January, the market saw an upswing in February. In March, we saw another cooing. Despite a slowdown in activity across the entire market, Homes priced over $500K performed well and home prices saw positive across the board as well.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in March 2018 fell 2.3 percent compared to March 2017. Homes priced between $500,000 and $750,000 experienced a 7 percent increase.
The single-family home median price rose 2.62 percent to $233,500. The average price rose very so slightly to $292,756, a 2.98 percent gain.
According to the Houston Association of Realtors, the 35,005 active listings in March 2018 represented a 4.6 percent drop from March 2017. As was the case in February, a lot of homes went pending in March. Pending sales rose to 8,327, a 9.5 percent increase from March 2017.
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 61 to 63 days.
Inventory narrowed from a 3.6-months supply to a 3.4-months supply year-over-year, but is at its highest level of 2018.
All-in-all, the market is continues to be balanced between buyers and sellers, as we continue in to the Spring. Inventory levels continue to be relatively low, so we could see some further increase in prices as the year progresses.
Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities.
Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.
Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with a Realtor to evaluate any particular property so you can determine how the market relates to that property.
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