The Spring Texas real estate market is getting as hot as its temperatures. With 130 homeowners listing their homes last week its going to be a robust and busy selling season. One of the key indicators of the health of the real estate market is the months of inventory. Six months of inventory is considering a balanced market. More than 6 months is a buyers market and less than 6 months is a sellers market.
The Spring Texas real market has 2.4 months of inventory putting it firmly in a sellers market. Limited inventory decreases days on market and drives homes price skyward. 2024 is not the same real estate market of 2023 with 1.6 months of inventory.
Mortgage interest rates in the low 7 to high 6s have throttled the level of demand into a lower gear. Spring home sellers need to attractively price their homes and turn them into polished products to quickly attract demand and obtain top dollar.
Home buyers 2024 will be a better year than 2025 for you to snag the home of your dreams with favorably terms and a good price. Reduced mortgage interest rates are on their way. 2025 will bring more buyers into the market and the increase in demand will result in higher home prices.
Here’s the need to know numbers on the Spring Texas real estate market:
Average Sales Price to List Price – 97.2% Median Sales Price to List Price – 98.3%
Average Days on Market – 79 Median Days on Market – 66
Average Sales Price – $379,683 Median Sales Price – $305,000
Average Price Per Square Foot – $148.69 Median Price Per Square Foot – $144.95
Wondering how the real estate market is doing in your Spring Texas neighborhood? Is now the right time to tap into home equity? Reach out to Jill Wente, Top Spring Texas Realtor to get informed answers to the real estate 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 March 5 – March 11, 2024
