Is Houston, TX a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Houston is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Houston was a Seller's Market.

Key Takeaway

Houston is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Houston, TX

How much do homes in Houston, TX cost?

Median Sold Price

$314,736

$163/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$16,659(-5.0%)

Key Takeaway

Homes in Houston have sold for 5% less than they did a year ago.

Summary: The median home sold price in Houston was $314,736 in February 2024, down 5% from last year, and the median price per square foot was $163.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $145.8K$135K
-7.5%
2 $216.1K$216.2K
0.0%
3 $340.8K$298.2K
-12.5%
4 $404.9K$355.3K
-12.3%
5+ $707.9K$592.3K
-16.3%

Summary: Houston housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.5%, 2 bedroom homes did not change, 3 bedroom homes decreased by 12.5%, 4 bedroom homes decreased by 12.3%, and 5+ bedroom homes decreased by 16.3%.

Median Sold Price Compared To Nearby Cities

Hunters Creek Village
+21.8%
Spring Valley Village
+14.6%
Hilshire Village
+2.9%
Houston
-5.0%

Housing Supply in Houston, TX

How many homes are available in Houston, TX?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
8,83310,826+22.6%

Summary: The Houston real estate market had 10,826 homes for sale in February 2024, a 22.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 354448
+26.6%
2 1,3131,569
+19.5%
3 4,1565,203
+25.2%
4 2,3432,805
+19.7%
5+ 667801
+20.1%

Summary: The Houston housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 26.6%, 2 bedroom homes increased by 19.5%, 3 bedroom homes increased by 25.2%, 4 bedroom homes increased by 19.7%, and 5+ bedroom homes increased by 20.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1,4561,570+7.8%

Asking Price vs. Sold Price

1,000 Homes Were Sold
Under Asking

347 Homes Were Sold
At Asking

223 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Houston, you may be able to get a good deal. 63.7% of homes here sold below asking price last month.

Summary: A total of 1,570 homes were sold or pending in Houston in February 2024, up by 7.8% month-over-month. Of the 1,570 sold homes, 64% were sold under asking, 22% were sold at asking, and 14% were sold over asking.

Days on Market for Houston, TX

How long does it take to sell a home in Houston, TX?

Average Sale Time

Feb 2023Feb 2024CHANGE
47 Days42 Days-11.7%

Summary: Homes in Houston had an average of 42 days on market in Feb 2024, down by 11.7% compared to last year.

Breakdown of Home Sale Times

877 Homes Were Sold
Under 30 Days

473 Homes Were Sold
In 30 - 90 Days

220 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Houston are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 1570 homes were sold in Houston; 56% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Houston, TX

Nearby Markets to Houston, TX

What housing markets are near Houston, TX?