New listings hitting the Spring Texas real estate market jumped 6% week over week. Buyers absorbed the increased in new homes keeping the months of inventory at a low 1.8 months. The Spring Texas housing market is still firmly being controlled by the sellers. Increased mortgage rates and higher home prices have drastically dampened buyer demand. The buyers who have adjusted their home expectations are finding it easier to negotiate with sellers as their offer may be the only one on the table.
Price decreases remain constant at 14% of total listings. Sellers were accustomed to homes selling in days and for over list price. The new normal is homes are staying on the market for weeks and sales prices are at list price or below. The market adjustment has some sellers adjusting list prices downward to decrease days on market.
Questions about the Spring Texas real estate market? Reach out to Jill Wente, Top Rated Spring Texas Realtor®
Market stats are from the Houston Association of Realtors for the week of November 1 – November 7, 2022 for single family homes in Spring Texas.
