Spring Texas home sales saw a steep decline in the number of home sales due to a shorten Thanksgiving work week. Months of inventory remains stagnant at 2.6 months. Low inventory is keeping housing prices elevated. High mortgage interest rates and seasonality has reduced buyer demand.
Buyers if you are looking for a deal, now is the time to grab it. You won’t be getting a Black Friday or a Cyber Monday deal of 30% off but you should be able to snag a 2 – 3% discount. As mortgage interest rates decline in 2024, pent up buyer demand will be out wanting to buy again. More buyers are going to drive up the prices. The smart buyers are purchasing now with plans to refinance when the interest rates decrease.
If you are waiting to buy until the mortgage interest rates go back to the 2 and 3% range, you will be a renter for your entire life. Those interest rates were a flux which we will never see again bearing we never see an event of the magnitude of COVID. Historically real estate just like the stock market is a great long-term investment and its the vehicle through which people build generational wealth.
Here’s the stats to know about the Spring Texas real estate market:
Average Sales Price to List Price – 98% Median Sales Price to List Price – 99%
Average Days on Market – 46 Median Days on Market – 27
Average Sales Price – $411,494 Median Sales Price – $360,000
Average Price Per Square Foot – $148.82 Median Price Per Square Foot – $145.4
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of November 21 – November – 27, 2023