Buyers jump on lower interest rates. The number of Spring Texas homes under contract jumped 15% 📈week over week. While the number of new listings minimally increased, the number of available homes dipped 2.5%.
Months of inventory remained constant at 2.3 months. Six months is considered a balanced market. Anything less than 6 months is considered a sellers market. We are in a strong sellers market but we are not in the red hot sellers market of 2023 when there were 24% fewer homes available for sale.
As 2024 rolls on and as interest rates continue to drift downward, demand will increase, and multiple offers will be what you will every listing agent saying.
If you are planning to buy in 2024 and your financial position allows you to do it at today’s interest rate, buy now and refinance later. You will get a better deal today than you will when the demand increases.
If you are planning to sell in 2024, the answer as to when to sell is going to vary based upon your situation. Are you wanting to wait until the end of the school year? Are you being relocated for a job? Is the reason for your desire to sell due to a death? Are you wanting to downsize or upsize? The answer to when the right time to sell depends.
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 – 98.5%
Average Days on Market – 62 Median Days on Market – 38
Average Sales Price – $367,516 Median Sales Price – $325,000
Average Price Per Square Foot – $154.71 Median Price Per Square Foot – $146.2
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 23 – January 29, 2024
