Houston Market Report: February 2021

Norhill Realty March 18, 2021

Despite the Freezepocolypse, the real estate market in Houston remained nice as toasty in February. Although pending sales dipped rather dramatically during the Freeze week, overall pending sales for 2021 through the end of February were up over 13 percent.

According to the latest report from the Houston Association of Realtors (HAR), 6,049 single-family homes sold in February compared to 5,979 a year earlier for a 1.2 percent increase. That marked the ninth consecutive month of rising home sales. Once again, luxury housing was the top-performing segment among homebuyers. Homes priced at $750,000 and above surged 64.9 percent compared to February 2020.

The average price for single-family homes increased 16.2 percent to a high for February of $349,963. The median home price increased 12.6 percent to $275,900. Both are historic highs.

According to HAR, total active listings, or the total number of available properties, fell 37.9 percent to 23,933. February sales of all property types totaled 7,464, up 1.9% compared to February of last year. As a result, the absorption rate for February 2021 was 31%. The highest rate in over 10 years.

Days on Market (DOM), or the number of days it took the average home to sell continues to remain relatively steady. In February, the average home sold in 48 days. Single-family homes inventory narrowed dramatically from a 3.3-months supply to 1.6 months. According to HAR, that is the lowest inventory level of all time! For you sellers, that is good news.

Now that we through the winter, we can expect inventory to start to rise a bit as the market shifts to its normal Spring pattern. Those sellers that get out in front of the late spring inventory peak might be in a better position than their slower-moving competitors. Due to low inventory levels and mortgage rates still near all-time lows, we expect the Spring and Summer rush to be a strong one in Houston.

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

 

Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with one of our Realtors to evaluate any particular property so you can determine how the market relates to that property.