Houston Market Report: March 2019

Norhill Realty April 17, 2019

After a sharp decline in Mortgage rates, home buyers have started to move into the market to help push home prices and sales back up in March. According to the Houston Association of Realtors’ March monthly report, the strongest sales activity was registered among homes priced between $250,000 and $500,000, followed by the luxury segment ($750,000 and above).

Prices of single-family homes reached record highs for a March. The median price rose 2.1 percent to $240,000 and the average price was up 2.0 percent at $298,766.

Houston Home Prices for March 2019

According to HAR, total active listings, or the total number of available properties, jumped 17.5 percent to 41,127. March sales of all property types totaled 8,475, up 3.6 compared to the same month last year. As a result, the absorption rate for March 2019 fell to 21% versus the 23% rate we saw in February.

Days on Market (DOM), or the number of days it took the average home to sell, was unchanged at 64 days. Inventory grew to a 3.9-months supply. That is up from 3.3 months a year earlier and represents the greatest supply since October 2018. It is also slightly above the national inventory of 3.5 months reported by NAR.

As the Spring selling season starts, we are seeing rising inventory levels across most neighborhoods. The rising number of options coupled with falling interest rates create a very nice environment for home buyers. In some markets, increased buyer activity has also been great for sellers as well. Anecdotally, we have seen multiple offer situation in some near town neighborhoods.

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.