Houston Market Report: September 2017

Norhill Realty October 26, 2017

We’re on our way back baby!! Houston’s not going to let a little hurricane keep us down.  As many of our fellow Houstonians continue to rebuild after Harvey, the real estate market has already started to rebound after a small dip after the storm.

According to the latest report from the Houston Association of Realtors (HAR), single family home sales climbed 4.2 percent compared to last September, coming back from a nearly 24 percent plunge in August. All segments of the housing market enjoyed gains with the greatest sales volume reported among homes in the $500,000 to $750,000 range.

Across all market segments, average home prices in the Houston real estate market climbed 3.58 percent to $316,034 year over year ending in September 2017. The median home prices increased 4.88 percent between September 2016 and September 2017 to $215,000.

According to the Houston Association of Realtors, the 40,848 active listings in September 2017 represented a 7.4 percent increase over September 2016. Pending listings rose to 6,606, a 13.1 percent increase from September 2016. As discussed earlier, actual home sales fell 3.4% to 8,150 over the same period.

Days on Market, or the number of days it took the average home to sell, edged up from 53 to 54 days.

Inventory rose year-over-year from a 3.9-months supply to 4.1 months, but that is below the 4.4-months of supply that existed during the two months leading up to Harvey.

As we continue to move past Harvey, the markets in mostly unaffected neighborhoods will probably continue along the same trajectory that existed prior to the storm. It remains to be seen if those markets will experience an increase demand as inventory levels tighten due to the lack of inventory in those affected neighborhoods.  We will continue to stay tuned…

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.

 

Find and click your neighborhood below to find the latest listings for these great Houston neighborhoods.
Afton Oaks / Highland Village
Bellaire
Briargrove
Briargrove Park / Walnut Bend
Camp Logan / Glen Cove
Cottage Grove
Downtown
EADO / Eastwood
East Washington / Sawyer Heights
Garden Oaks
Houston Heights
Knollwood / Woodside
Memorial West
Meyerland Area
Midtown
Montrose
Oak Forest East
Mangum Manor / Oak Forest West
Rice Military / Washington Corridor
River Oaks Shopping Area
Riverside Terrace
Shady Acres
Shepherd Plaza Park
Spring Branch
Timbergrove / Lazybrook
University Place and Museum Park
Westbury / Maplewood / Brays Oaks
West University / Southside
Willow Meadows / Willowbend