Welcome to the September 2024 Houston Real Estate Market Update! Whether you’re a homeowner, potential buyer, or thinking about selling, this market report will help you navigate the current Houston housing scene. We'll look at the numbers, interest rates, and I’ll provide five crucial tips for sellers. If your home has been sitting on the market or you're considering selling soon, these tips could be game-changers for you.
Market Overview: Houston Real Estate Snapshot
We’re comparing the Houston real estate market data from August 2023 to August 2024, giving you the insights you need to make informed decisions.
- Active Listings: The number of homes on the market is up by 30% year-over-year, with 13,697 active listings, the highest since 2019.
- Average Sales Price: Good news for homeowners—the average home price in Houston increased by 3.9%, continuing a steady rise.
- Days on Market: Homes are taking longer to sell. On average, it now takes 25.8% longer to sell a home, with the current average being 309 days on the market.
- Total Home Sales: In contrast, total home sales are down by 13.3%, with 3,417 homes sold in August. This reflects slower buyer activity, but prices are still climbing.
The Interest Rate Picture
One of the biggest questions on everyone's mind is: What’s happening with interest rates?
Great news—interest rates have dropped to their lowest levels since February 2023, with the 30-year fixed mortgage rate sitting at 6.12%. If this dips below 6%, we could see an increase in buyer activity. While the market is slow right now, things may shift, especially as we approach the upcoming election. Historically, elections have had a positive effect on real estate, so keep an eye out.
5 Key Tips for Sellers in Today’s Houston Market
If your home is still on the market or you’re planning to sell, here are five must-follow tips to increase your chances of a successful sale:
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Price Your Home Correctly
With the increase in active listings, you have more competition. Make sure your home is priced right from the start. If it’s not moving in the first few weeks, it could be priced too high. -
Offer a Buyer Agent Commission
After recent changes in real estate commission rules, it’s even more important to offer a buyer’s agent commission as part of the negotiation. Homes that do so are at a significant advantage, and not offering a commission could put you at a competitive disadvantage. -
Get Offers, Then Negotiate
Even if you don’t get the offer you want initially, get the ball rolling by encouraging offers and then negotiate. Sitting on the sidelines won’t help, so get an offer in hand and work with it. -
Maximize Home Availability
Showings are crucial to selling your home. Make your home as available as possible for potential buyers to see. The more showings you can get, the greater your chances of securing a buyer. -
Service Key Home Systems
Before listing your home, ensure that all major systems (HVAC, plumbing, roofing, etc.) are serviced. The last thing you want is for an inspection to uncover issues that could derail your sale.
What’s Next for Houston Real Estate?
As we head into the fall, keep an eye on interest rates and potential changes from the Federal Reserve. Lower rates could stimulate the market, so this could be a great time for buyers and sellers alike.
If you have any questions or want to know more about the Houston market, feel free to reach out! Leave a comment or visit www.theadamsgrouptx.com for more insights and expert advice. Whether you’re buying or selling in Houston, I’m here to help you every step of the way.
