Spring Texas Real Estate Market rises to highest level of inventory in 2023. The summer selling season and high mortgage interest rates are the culprits of the jump in months of inventory. Historically 60% of the residential real estate sales occur between May and August because Sellers with kids want to move between the school years. It’s easier on their households to move during the summer. Plus some sellers want to move to a neighborhood that’s zone to a different school. Higher interest rates and higher home prices have decreased affordability pushing buyers out of the market.
Months of inventory for the Spring Texas real estate market is 2.0 months. Yes, its the highest level of inventory we’ve seen in 2023. But the sky is NOT falling. To keep things in perspective, six months of inventory is considered a balanced market. Less than six months of inventory is a sellers market.
What does the increase in inventory mean to you as a seller? You need to bring your “A” game. There’s more competition. Last year buyers were snatching up any home just to get a home. Not this year, the picky buyers have returned. They want to buy the HGTV designer homes in the best location with the beautiful curb appeal and the inviting outdoor spaces. If you want to sell your Spring Texas home quickly and for top dollar, put a fabulous product on the market and you will receive multiple offers.
What does the increase in inventory mean to you as a buyer? More homes to choose from. You don’t have to buy the home that needs cosmetic updates with mechanical components nearing the end of its life. If your an FHA or a VA buyer, sellers will seriously consider your offer again. Sellers are willing to consider repair requests. Some sellers may be willing to contribute to your closing costs. The increase in inventory doesn’t mean its a buyers market and the seller will accept low ball offers.
Here’s the other need to know numbers:
Average Sales Price to List Price – 99% Median Sales Price to List Price – 99%
Average Days on Market – 29 Median Days on Market – 14
Average Sales Price – $327,000 Median Sales Price – $397,141
Average Price Per Square Foot – $147.81 Median Price Per Square Foot – $141.57
Wondering how your Spring Texas neighborhood is faring? Reach out to Jill Wente, top rated Spring Texas real estate agent to discuss if now is the right time for you to make a move.
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of July 11 – July 17, 2023
