Houston Housing Market: November 2024 Analysis
The Houston, TX metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.5% year-over-year, settling at $330,000. This decline indicates a slight cooling in the market compared to the previous year. Meanwhile, the Median List Price remains unchanged at $345,000, suggesting stability in sellers' pricing expectations.
In terms of Price Per Square Foot, the median price has increased by 1.3% year-over-year to $163.57, while the Median List Price per square foot has risen by 1.9% to $171.23. These figures suggest a modest appreciation in property values, reflecting a steady demand for housing in the area.
The number of Homes Sold in November 2024 has increased by 1.9% year-over-year, reaching 6,426 units. This uptick in sales activity indicates a healthy demand for homes despite the slight dip in Median Sales Prices. Pending Sales have also seen a modest increase of 0.8%, totaling 6,771, which points to continued buyer interest in the market.
New Listings have decreased by 5.9% year-over-year, with 8,047 new properties entering the market. This reduction in New Listings could contribute to the upward pressure on prices, as inventory levels have increased by 7.0% to 26,496 units. The Months of Supply have risen significantly by 20.0% to 4.10 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 9.0% year-over-year, now averaging 46 days. This suggests that homes are taking slightly longer to sell compared to the previous year, possibly due to the increased inventory and stable list prices.
The average sale to list ratio has decreased by 0.8% to 96.6%, indicating that homes are selling for slightly less than their list prices. The percentage of Homes Sold above list price has also declined by 1.1% to 12.9%, reflecting a more competitive market environment. Price Drops have increased by 1.4% to 32.4%, suggesting that sellers are adjusting their expectations to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 1.0% to 24.2%, indicating a slight slowdown in the pace at which homes are being sold.
Overall, the Houston housing market in November 2024 exhibits a mix of stability and change, with some indicators pointing towards a cooling market while others suggest ongoing demand and price appreciation. Buyers and sellers alike should remain informed and adaptable to navigate this evolving landscape effectively.
