2023 is starting off as anticipated with a 58% surge in new listings week over week. As soon as the holidays are over, new listings get added to the Spring Texas real estate market in droves. But even with the increase in new listings total listings remains at a low of 1.5 months of inventory.
Homes under contract jumped 26% week over week. Buyers are ready to get back out in the market too. the rate for a 30 year mortgage for a conventional loan is hovering in the low 6 percent range. Relocation into the Spring Texas area remains strong. We are still receiving a steady stream of buyers from California and from employer relocations. Open House attendance has increased. Last Sunday’s open house was attended by buyers relocating from Pennsylvania and New York.
Home prices for the Houston metro area ended the year at 11% higher than 2021. Nationally home prices are projected to experience price appreciation from 1 – 3% in 2023.
Questions about the Spring Texas real estate market? Wondering how the real estate market is in your neighborhood? Reach out to Jill Wente, Spring Texas Real Estate Agent
Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of January 3 – January 9, 2023.