Houston, TX Metro Area Housing Market Analysis - July 2024

The Houston, TX metro area housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. The median sales price for homes stands at $350,000, reflecting a modest year-over-year (YoY) increase of 0.3%. Conversely, the median list price has slightly decreased by 0.5% YoY, now at $358,210.

When examining price per square foot, the median price per square foot has risen by 1.3% YoY to $166.91. The median list price per square foot has seen a more significant increase of 3.4% YoY, now at $172.15.

Sales activity has experienced a downturn, with the number of homes sold decreasing by 1.9% YoY to 7,583 units. Pending sales have seen a more substantial decline, dropping by 21.4% YoY to 7,461 units. New listings have also decreased by 11.4% YoY, totaling 9,337 units.

Inventory levels have increased significantly, with a YoY rise of 18.8%, bringing the total inventory to 26,546 units. This increase in inventory has contributed to a notable rise in the months of supply, which now stands at 3.5 months, up by 60.0% YoY.

The median days on market for homes in the Houston metro area is now 34 days, reflecting a 9.0% YoY increase. The average sale to list ratio has slightly decreased by 0.8% YoY, now at 97.5%. Additionally, the percentage of homes sold above list price has dropped by 6.3% YoY to 15.4%.

Price drops have become more common, with 37.3% of listings experiencing a price reduction, up by 2.9% YoY. The percentage of homes going off the market within two weeks has decreased by 10.7% YoY, now at 26.1%.

Overall, the Houston, TX metro area housing market in July 2024 shows a mix of rising inventory and price adjustments, coupled with a decline in sales activity. These trends suggest a market that is adjusting to changing conditions, with potential opportunities for both buyers and sellers.