What a difference a year makes in the Spring Texas real estate market. January 16, 2023 we had 1.6 months of inventory and the number of Spring Texas homes for sale was 636. Sellers had a strangle hold on the market. Fast forward to 2024 where there’s 809 Spring Texas homes for sale and 2.4 months of inventory.
Buyers have more choices and less competition. Plus mortgage interest rates have been on a recent decline with 30 year conventional rates in the 6.5 – 6.75% range and FHA rates in the 6 – 6.25% range. Open Houses are busy again. Buyers are actively out in the marketplace. The smart buyers are not waiting for the mortgage interest rates to dip further. They are out and looking to buy now when there’s less competition.
Sellers are starting to see options for their next move. They have been locked-in place with low interest rates but eventually life events happen and they can’t wait anymore. Talk in the real estate offices is the market is busy and sellers are reaching out and making plans to get their homes listed. 2024 is starting out with a flurry of activity. Projections are for the real estate market to be busy in the 1st and 2nd quarter and to slow down in the 3rd quarter as we get closer to election day.
Wondering how the real estate market is doing in your Spring Texas neighborhood? Or wondering how much home equity you have built up after the last couple of years? Reach out to Jill Wente, Realtor for answers to all your real estate questions.
Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of January 9 – January 15, 2024