October 2024 Houston Housing Market Update: What You Need to Know

October 2024 Houston Housing Market Update: What You Need to Know

The Houston housing market is showing resilience and strength despite rising mortgage rates, making it an exciting time for both buyers and sellers. Whether you're planning to make a move or just keeping an eye on trends, the latest numbers tell a compelling story. Here’s everything you need to know about Houston’s October 2024 real estate market, brought to you by the Houston Association of Realtors (HAR).

1. Sales Surge Across the Board

October was a standout month for single-family homes, with 7,185 units sold, marking a 12.8% increase compared to October 2023. Total property sales also rose by 10.2%, showing robust activity throughout the market.

2. Home Prices Keep Climbing

Demand is keeping prices on the rise:

• Average Price: $423,166 (up 5.2% year-over-year)
• Median Price: $334,900 (up 2.7% year-over-year)

These steady gains reflect Houston’s continued desirability, even as affordability remains a concern for some buyers.

3. Luxury Homes Lead the Way

The luxury market is booming:

• Sales of homes priced $1M+ skyrocketed by 33.8%.
• Properties priced between $500,000 and $999,999 saw a 25.9% increase in sales.

These numbers highlight strong demand for high-end homes, driven by buyers looking for premium features and prime locations.

4. Inventory Expands, Creating More Options for Buyers

For the first time in years, buyers are seeing more inventory:

• 31,000+ homes were on the market in October.
• Inventory levels rose by 23.6% year-over-year, pushing single-family home inventory to 4.4 months—the highest since 2012 and in line with the national average of 4.3 months.

This increased supply gives buyers more choices, helping to balance the market.

5. Spotlight on Townhomes and Condos

After a two-year decline, sales of townhomes and condominiums have rebounded, rising 6.5% year-over-year. Inventory for these properties has also grown, with a 5.9-month supply now available.

6. Rental Market Steady

If you’re more focused on rentals, single-family home rentals held steady in October. Be sure to watch for HAR’s October Rental Home Update, set to be released on November 20, for a deeper dive into rental trends.

Key Highlights at a Glance

• Total property sales: Up 10.2%
• Average price of single-family homes: $423,166
• Total dollar volume: $3.5 billion, a 19.5% jump year-over-year

What This Means for Buyers and Sellers

With more homes on the market and robust demand driving price growth, the current market offers opportunities for both buyers and sellers:

• Buyers: Increased inventory gives you more options, but strong demand means acting quickly is still key.
• Sellers: Rising prices and heightened luxury sales make it a great time to list, particularly if your home falls in a high-demand price range.

Final Thoughts

The October 2024 Houston housing market proves that real estate here remains dynamic and full of potential. Whether you’re looking for your dream home, considering selling, or just interested in the latest trends, staying informed is essential to making the right moves.

💡 Want to dive deeper into these numbers and trends? Watch my full market breakdown video here: https://youtu.be/NpaOJn-5jy4.

Let’s work together to make your real estate goals a reality!