Major real estate players agree on one thing. They say that this is the year for big real estate market opportunities. Now’s the time to make your move.
A good real estate market is the Houston, Texas, area. It’s a great idea to know about the trends and forecasts for 2023.
Read on to learn what the real estate market looks like in the Houston area.
Trends show that there has been a major change in this city’s real estate market. In 2022, single-family home construction slowed down. This year, more of these homes are being built, as demonstrated by the number of housing permits issued.
Data also shows that construction for multi-family homes is on the up. There’s a significant increase in this area. Experts believe that builders will continue to add more homes to the Houston area market.
The housing market in this city is now a seller’s market. This means that home prices tend to be higher. In turn, homes tend to sell faster.
The median price for homes in Houston, TX, was $315,000 at the start of the year. The median price has been increasing in the last 12 months. The good news is that the median price has been fairly stable.
A one-bedroom home is about $145,700. A two-bedroom home is about $215,200.
Compared to other nearby cities, Houston still has affordable homes. In nearby Hedwig Village, the median price for a home is 1.1 million dollars. In Hilshire Village, it’s $890,000.
As of March 2023, there were 10,160 homes for sale in this city. About 330 one-bedroom homes were available. Last month there were about 1,400 two-bedroom homes available.
The average sale time now stands at 42 days. Over 1,290 homes were sold within 30 days of going on the market.
About 530 homes were sold between 30 and 90 days. It took over 90 days to sell 327 homes.
Keep in mind that there’s a difference between the asking price and the sold price. Data shows that 1,285 homes were sold under the asking price.
About 460 homes were sold at the asking price, while 410 homes were sold over the asking price.
There’s a key takeaway here. If you’re planning to buy a home, you may be able to get a good deal on one.
The housing forecast shows that Houston will continue to be a seller’s market. Now is the ideal time to sell a home in Houston if you want to make a profit.
Even if you have a home that you believe might not sell, you should sell it. Visit homeofferhouston.net to get an offer for your home.
As you read, the real estate market in the Houston area is now a seller’s market. This means that now is the best time to sell a home. If you have a home you want to sell, you should put it on the market.
Make sure to explore the rest of our blog to continue reading more great articles.
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