The Houston-The Woodlands-Sugar Land metro area real estate market in May 2023 showed positive trends:
- Median Price: The median price increased to $340,000, reflecting a 2.1% growth from the previous month.
- Closed Sales: There were 8,783 closed sales, indicating strong buyer activity and an increase in transactions.
- Active Listings: The number of active listings increased to 19,863, providing a healthy supply of available properties.
- Months Inventory: The months inventory remained relatively stable at 2.7 months.
- Days on Market: The average number of days on the market decreased to 47, indicating increased demand and faster sales.
- Days to Close: The average number of days to close a sale remained steady at 34, indicating an efficient real estate process.
- Median Price/Sq Ft: The median price per square foot increased to $164.21, reflecting buyers’ willingness to pay more.
- Median Home Size and Year Built: The median home size increased to 2,130 square feet, with a median year built of 2005.
- Close/Original List Price: The close/original list price ratio improved to 96.4%, benefiting sellers.
Overall, the Houston-The Woodlands-Sugar Land metro area real estate market in May 2023 exhibited positive growth, strong buyer demand, and a healthy supply of available properties. The increase in median price, closed sales, and active listings indicates a buoyant market. The decreased days on market and steady days to close suggest a fast-paced and efficient market. The increase in median price per square foot and the shift towards slightly larger homes highlight buyers’ willingness to invest. Sellers also benefited from a higher close/original list price ratio. The Houston metro area continues to offer a favorable market for both buyers and sellers.
If you are thinking about buying or selling in the Houston area, it is important to work with a qualified realtor who can help you navigate the current market conditions. Schedule a consultation here.
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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