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The new year started strong for Houston home sales. Single-family closings were up 9.0 percent in January compared to January last year. Sales of all types (single-family, duplexes, condos, townhomes, high rises) were up 6.9 percent compared to last year.
Since ‘14, the median price of a single-family home in Houston rose by $143,500 (81.1 percent). The period of rapidly escalating home prices may be over, however. The median price for a single-family home in January ’24 was up only 2.1 percent from January ’23 and 3.4 percent from January ’22.
The inventory of homes on the market continues to improve. The 23,101 single-family homes listed for sale in January represent an 11.8 percent increase over January last year and a more than doubling of inventory from two years ago. However, listings remain below pre-pandemic levels.
Months of inventory expanded from a 2.6-months supply last January to 3.3 months this January, which matches December but is slightly below the 3.5-months supply of October and November ’23. A 4.0 month supply is considered a balance market, where neither seller or buyer has an advantage. Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. Days on market (DOM), or the actual time it took to sell a home, eased slightly from 60 days in January ’23 to 58 days in January ’24.
This January saw sales of townhomes and condominiums continue to decline, a trend that started early in ’22. Sales of townhomes/condos were down 4.0 percent from January ’23 and 39.4 percent from January ’22. Sales of highrise units were down 2.6 percent from last January and 36.7 percent from January ’22.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Senior Vice President, Research
Houston realtors closed on 6,098 homes as of Jan '24 YTD
The median price for a single-family home in Houston in January '24.
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