Market Report for Houston – The Woodlands – Sugar Land MSA – February 2023
The Houston real estate market continued to show signs of strength in February 2023, with positive trends in both sales and prices. According to data from the Houston Association of Realtors (HAR), the median price of homes in Houston increased by 2.5% from January to February, rising from $312,200 to $319,900.
The number of closed sales in February also increased month-over-month, jumping from 4,633 in January to 5,880 in February – an increase of 27%. This increase in sales activity is an encouraging sign for sellers, suggesting that demand for homes in Houston remains strong.
Meanwhile, the number of active listings decreased slightly from January to February, dropping from 20,500 to 19,647 – a decrease of 4%. This decline in inventory may put upward pressure on prices in the coming months, as buyers compete for a limited number of available homes.
The months of inventory (MOI) also decreased from January to February, falling from 2.6 to 2.5. This indicates that the market remains balanced, with neither buyers nor sellers having a significant advantage.
Overall, the Houston real estate market showed positive momentum in February, with both sales and prices increasing, while inventory remained relatively tight. These trends suggest that the Houston housing market will have continued demand from homebuyers and a limited supply of available homes.
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The Texas Real Estate Research Center is a valuable resource for real estate professionals, investors, and anyone interested in learning more about the Texas real estate market.
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