How’s the Houston Real Estate Market? It Depends Where You Look.
The Houston market is giving us a little bit of everything right now. July’s numbers show buyers have more choices and more negotiating power overall, but in many of Houston’s most sought-after neighborhoods, the best homes are still moving quickly.
So what does that mean if you’re thinking about buying or selling? We took a closer look at July’s numbers to see where things stand.
The Big Picture
There are more homes on the market than there were a year ago, giving buyers more choices. At the same time, pending sales are up 12%, so buyers are still out there. Demand hasn't disappeared. They just have the luxury of being more selective than they did a few years ago.
One interesting shift we're seeing is what happens after a home goes under contract. About 1 in 6 homes under contract never make it to closing, as buyers are negotiating harder and more willing to walk away.
Inner Loop & Memorial: Still Setting the Pace
While the overall Houston market has become more balanced, many of our neighborhoods continue to stand out.
In the Heights, Midtown, Montrose, and especially Memorial, well-priced homes are still finding buyers quickly. In Memorial, 54% of homes are selling within 7 days, with an average sales price of $1.98M.
West U & Bellaire: Business as Usual
If Memorial is tightening, West U and Bellaire barely loosened up to begin with. Both continue to move quickly.
West University: 50% of homes sell within 7 days. Average sales price: $2.12M.
Bellaire: 70% of homes sell within 14 days. Average sales price: $1.32M.
If you're buying, you finally have a bit more room to negotiate, especially citywide, while still competing for the best Inner Loop and Memorial listings.
Worth Knowing
Memorial City's new Greenside development is expected to welcome most of its restaurants, shops, and public green space this fall. It's the kind of project that makes an area even more enjoyable to live in and, over time, that's usually good news for nearby homeowners too.
What This Means for You
If you're thinking about selling, this market rewards homes that are priced well and prepared well. Buyers are absolutely still buying. They're just less willing to overlook pricing or condition than they were a few years ago.
If you're buying, you finally have a little more breathing room in many parts of Houston. Just know that in neighborhoods like Memorial, West U, Bellaire, and much of the Inner Loop, the homes everyone wants are still creating competition.
Wondering what this means for your home or the neighborhood you're watching? We’d love to help you make sense of the numbers. Call or text 713-320-3335.
