Months of inventory drops again down to 2.2 months. Six months of inventory is considered a balanced market. Less than six months is considered a sellers market. The Spring Texas real estate market is a sellers market and will remain a sellers market for 2024.
We will not see significant movement in mortgage rates until the Fed cuts the overnight borrowing rate. Based upon Powell’s interview on 60 minutes last night, the Fed won’t be cutting the rate until sometime after March.
What are home prices projected to do in Spring Texas in 2024? The number of homes for sale are going to remain low. Mortgage rates will see improvement in Q2 or Q3. Prices will stay strong. Home prices will increase 2 – 4% for 2024.
If you are thinking about buying a Spring Texas home in 2024, buy sooner than later. As mortgage rates decrease, demand will increase and the number of multiple offers will increase.
If you are going to sell a Spring Texas home in 2024, the best time is not clear cut. The best time depends upon your personal situation. If you are moving up, buy now before home prices increase. If you are downsizing, wait until you have figured out where life’s next chapter is going to take you.
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 – 47 Median Days on Market – 31
Average Sales Price – $349,989 Median Sales Price – $293,995
Average Price Per Square Foot – $157.07 Median Price Per Square Foot – $157.04
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 to get informed answers to those questions running through your mind.
Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of January 30 – February 5, 2024