The current market is as interesting as everything else in 2020. The impact of COVID 19 has been on the number of properties available for sale more than on the number of buyers in the market. As you will see below, the data shows that listings are down substantially from last year at this time and yet the number of properties under contract is up. The shortage of good available properties has kept prices stable. All of this information is relative to the value. The majority of sales (70+%) are between $200,000-$400,000. This does not mean that we are not selling homes above this value. Over 1,150 homes sold above $500,000 in August.
What does this mean to me?
As we continue into the unknown together, the good news is that the Houston residential real estate market is healthy. If you have a property to sell, then there is less competition and prices are remaining stable, and in some price ranges increasing. If you are looking for a home, we will need to stay on top of homes that come on the market and make sure that you get out to see it as soon as it becomes available. No matter whether buying or selling a home, it is important to understand these numbers. Consumers find themselves relying on national and regional data that has very little to do with your home’s value. Beth Wolff Realtors Real Living has been advising our clients on the purchase and sale of real estate in the Greater Houston area since 1978. Contact us for a detailed lifestyle analysis and we can help you determine your best move.