The year 2024 has brought with it an encouraging outlook for the Greater Houston real estate market. According to the Economic Research Division of the Federal Reserve Bank of St. Louis, there has been notable growth in housing availability, as well as stability in listing prices.
Increase in housing inventory
From January through September 2024, the active housing inventory has seen a notable increase. Starting with 20,401 properties, the total reached 27,052 in September, which equates to a 32.6% increase.
This growth is particularly significant compared to the 21,377 homes available at the end of 2023, evidencing an increased supply, especially during the summer season. The greater number of properties on the market indicates a more dynamic and competitive environment for prospective buyers.
Listing prices in equilibrium
Despite the increase in supply, home prices have shown surprising stability. The median listing price stood at $359,000 in January and barely rose to $370,000 in September, up a moderate 3% during the first nine months of the year. August saw the highest price, reaching $375,000. This trend suggests that, although there are more options available to buyers, demand remains solid, thus avoiding drastic price fluctuations.
Projections
When compared to 2023, the increase in this year’s inventory is notable. While the 2023 closing presented slower growth, 2024 has shown a more active trend, which could indicate that owners are willing to sell against a backdrop of changing market expectations.
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With the combination of a larger inventory and prices remaining stable, the Houston real estate market appears to be heading toward a more favorable environment for homebuyers. The dynamics that unfold in the coming months will be crucial to understanding whether this trend of increased supply will continue and how it will affect the market in 2025.
