04/14/2022
Your March 2022 market update is here! 🥳
Despite rising interest rates & home prices, buying a home is as competitive as ever! That’s why it’s so important to make sure you have a real estate professional on your side guiding you along the way. Bidding competitively is key to finding a home in this market. Don’t lose hope!
Houston highlights 👇
•Single-family home sales increased 4.1 percent year-over-year
•Days on Market (DOM) for single-family homes dropped from 46 to 38
•Total property sales rose 4.3 percent with 12,149 units sold
•The single-family average price rose 11.4 percent to $410,923, the highest of all time, and the first time that pricing has topped $400,000
•The single-family median price increased 15.5 percent to $335,000 – also a record
•Single-family home months of inventory registered a 1.3-months supply, unchanged from one year earlier
•Townhome/condominium sales rose 8.7 percent with the average price up 5.8 percent to $255,334 and the median price up 10.4 percent to $215,000
•Single-family home rentals rose 18.3 percent with the average rent up 6.7 percent to $2,075
•Townhome/condominium leases were unchanged with the average rent up 7.6 percent to $1,852.