If you’re considering making the move to a new community in Houston, it’s always a good idea to consider how confident you'll feel about getting a good return on your investment! This means a healthy housing market with increasing home values.
Great news for homebuyers, Houston home values have gone up 6.1% over the past year and Zillow predicts they will rise 1.6% within the next year. Let’s take a closer look at some highlights from last month’s MLS report! Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 37,000 REALTORS®.
The greater Houston real estate market remained in positive territory in May with a one percent rise in home sales and new record highs for both average and median prices. According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,157 single-family homes sold in May versus 8,078 a year earlier. That represents a 1.0 percent increase and marks the second greatest one-month sales volume in history.
Home prices reached the highest levels of all time. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) increased 3.4 percent to $243,000 and the average price edged up 1.3 percent to $305,511, beating the previous record of $305,065 set last month.
For the fourth straight month, the best-performing segment of the market consisted of homes priced in the $500,000 to $749,999 range, which jumped 10.3 percent. The luxury market – those homes priced at $750,000 and above – was unchanged year-over-year.
“We saw textbook seasonality at play across most of Houston in May as the spring homebuying season got underway, and an improving supply of homes definitely helped,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase.
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,831 in May, up 1.2 percent versus the same month last year. The average sales price increased 2.8 percent to $297,959 while the median sales price rose 5.2 percent to $231,500.
You can read the full MLS report here.
Ready to get your piece of the pie? Browse new homes in Rosehill Reserve.