Spring Texas Real Estate Market catapults to 2.1 months of inventory hitting a new high for the year. Six months of inventory is considered a balance market. We are still in sellers market territory but buyers are gaining negotiating power. Higher inventory levels means longer days on market.
If you’re a deal hunter, filter your search to Spring Texas homes on the market for over 30 days. Homes that have been on the market longer than the average days on market are owned by sellers who are tired of the process. They are willing to negotiate on price and repairs just to be done with the selling process. If the sellers have reduced the sales price of their homes during those 30 days or have made improved its condition, they are going to stick closer to their list price.
If you’re qualified for a loan but don’t want to spend down your cash reserves, then consider purchasing new construction. Sellers may not be willing to contribute money towards a buyers closings costs but the majority of homebuilders will.
If you’re a seller, now is not the time to test the market. We are heading into the slower real estate months of the year. Listing your house at a stretch price can cost you money. As your days on market increase, buyers are waiting for the price drop. When you do drop the price, buyers will want a further reduction. Getting the pricing for your house right in the beginning will put more money in your pocket.
Here’s the other need to know numbers:
Average Sales Price to List Price – 99% Median Sales Price to List Price – 100%
Average Days on Market – 31 Median Days on Market – 10
Average Sales Price – $415,621 Median Sales Price – $355,000
Average Price Per Square Foot – $157.22 Median Price Per Square Foot – $149.28
Wondering how the real estate market is in your Spring Texas neighborhood? Reach out to Jill Wente, top rated Spring Texas Realtor 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 18 – July 24, 2023
