Looking Back on How Hot Houston Real Estate Stayed in March

Rapid Growth in the Houston Housing Market

The housing market has been blowing up in popularity in the Houston area. In fact, this massive surge in demand has resulted in a massive shortage in homes priced at and under $250,000, 

This, along with record-low interest rates has created one of the most rampant house-purchasing sprees we’ve seen in our area. 

Here’s a quick breakdown of the trends we’ve been seeing in the Houston metro-area housing market: 

• 96.8% surge in sales volume of $500,000-$750,000 homes. 
• 89.9% increase in sales volume of luxury homes in the $750,000 plus range.
• Average price increase of 19.9% for single-family homes. 
• 16% increase in median house pricing. 

Sales of all types of properties in the area rose a cumulative total of 31.5% in March, while the total dollar volume boomed by 55.8%. What could be more shocking than this? 24% of all of the homes recently purchased in Houston have been by investors. 

Leasing Prices in the Houston Housing Market

Leased properties haven’t seen quite the growth that the housing market has seen, and have mostly reported mixed results. 

• The number of single-family home leases fell 17.9%. 
• The number of townhome and Condo leases increased by 5.7%. 
• 8.8% increase in the rental price of single-family homes.
• The average rent for condos and townhomes rose 6.8%. 

Comparison: Growth in Houston Housing Market in March

March marked Houston’s 10 straight months on their streak of positive sales. Compared to March of 2020 (an uncharacteristic sales month due to the pandemic) Houston tracked positive growth in: 

• Single-family home sales. 
• The total number of properties sold. 
• Total dollar volume of home sales. 

Single-Family Home Sales in Houston

Of all property types, single-family home sales shot up by 24.4% in March. 9,347 single-family units were sold across the greater Houston metro area, in comparison to 7,511 which were sold the year prior. 

The Houston housing market has seen astronomical growth in the last few months, and as of now, it appears the only way to go is up.