Describe the Spring Texas real estate market in one word … “Stagnant”. New listings is staying even with demand keeping months of inventory at a paltry 1.4 months. The selling and buying occurring in 2023 is being ruled by life events … death, divorce, job, marriage, downsizing, desire to become a homeowner. High interest rates and high home prices has the move-up buyer sitting on the sidelines.
Pre-pandemic days average sales price to list price was 97% but that was when there was more homes available. In today’s Spring Texas real estate market, average sales price to list price is 98.5% and median sales price to list price is 100%. When you are shopping for a Spring Texas home, be ready to pay full list price. If your budget is $375,000, don’t be looking at houses at $400,000 thinking the sellers will come down to your budget. With realistic expectations, your closing day will arrive sooner.
With low inventory buyers understand that if they see it and like it they need to hurry up and buy it. This understanding pushed average days on market down to 34 and median days on market to 12.
Last week the average sales price for a Spring Texas home was $390,200 and the median sales price was $300,000. The average home price was 1% higher than last week. There’s minor change in the average sales price.
When you want to know what’s going on with the Spring Texas real estate market, reach out to a local Spring Texas Realtor for invaluable market insight. If you have questions about the market, reach out to Jill Wente, Realtor® @ 281.804.8626
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of May 9 – May 15, 2023
