New listings jumped 14% week over week. The local Spring Texas real estate market has seen a renewed interest by sellers to move forward with their lifestyle plans. Home buyers and home sellers are tired of waiting and waiting and waiting on inflation numbers and interest rates to come down. We are experiencing more seller activity than we typically do within the first couple of months of the year and more sellers have reached out with plans to sell in 2024.
Months of inventory is seesawing back and forth between 2.2 to 2.3 months. Six months of inventory is a balanced market. Less than six months of inventory is a sellers market. To put the local Spring Texas real estate market into perspective, we haven’t seen a buyers market since the years of 2008 – 2010.
More homes coming on the market is good news for buyers who are financially ready to make the move and are willing to refinance when mortgage rates decrease.
Here’s the stats to know about the Spring Texas real estate market:
Average Sales Price to List Price – 98.8% Median Sales Price to List Price – 99.1%
Average Days on Market – 58 Median Days on Market – 36
Average Sales Price – $388,751 Median Sales Price – $337,500
Average Price Per Square Foot – $155.95 Median Price Per Square Foot – $158.33
Wondering how the real estate market is doing in your Spring Texas neighborhood? Wondering how much equity you have in your home? Reach out to Jill Wente, Top Spring Texas 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 February 20 – February 26, 2024
