Spring Texas Real Estate Market jumps to 2.2 months of inventory hitting another new high for 2023. A balanced real estate market is when there’s six months of inventory. Neither the buyer or the seller has the upper hand in negotiations. Less than six months of inventory has the seller gives the seller the upper hand in negotiations. With the increase in the months of inventory, the buyer is gaining negotiating power. Not every Spring Texas home receives multiple offers and they aren’t all selling for over the list price.
If your a buyer, you have more choices now than at any other time during 2023. Buyers you want to consider new construction in addition to the resale homes. Homebuilders are running some sweet promotions. Some homebuilders are willing to cover almost all of your closing costs in addition to buying down the interest rate from the high 6s to the mid 5s. The lower interest rate can make it so you can afford the home that you really want.
If your a seller, price your home right for the market for day 1 on the market. Pricing your home right from the beginning will net you more on closing day. During days 1 to 30 that your house is on the market, buyers negotiate against themselves by “saying the sellers probably won’t take less because it’s only been on the market a week”. After your home has been on the market 30 days, you will receive lower offers. You may not need to sell. But if you have your house on the market, you have a desire to sell. Get the best price for your home by pricing it right from the beginning. You only have one time to make a great first impression.
Here’s the numbers you need to know about the Spring Texas real estate market:
Average Sales Price to List Price – 99% Median Sales Price to List Price – 100%
Average Days on Market – 40 Median Days on Market – 12
Average Sales Price – $408,859 Median Sales Price – $322,500
Average Price Per Square Foot – $155.00 Median Price Per Square Foot – $145.23
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of July 25 – July 31, 2023