Houston’s 2017 homes sales are outpacing last year’s records, with May showing continued growth. Among the highest performing sectors is the luxury market, which is defined as homes priced at $750,000 and above.
Home sales across all price ranges are up by 7.4 percent on a year-over-year basis, based on May 2017’s records. The single-family home median price, which increased by more than 4 percent, hit a record $235,000. While the average is also up more than 4 percent, to $302,362, the second-highest average ever.
The Houston housing market had another strong showing in May with sales and rental properties alike, and inventory continues to accommodate the growing demand.If we can maintain this pace, there’s no doubt that 2017 will be a record year for Houston real estate.
The area that showed the greatest percentage change in terms of average sales price in May 2017 is Chambers County East. In the period of June 2015 through May 2016, the average was $114,245. In June 2016 through May 2017, that changed to $175,656, an increase of nearly 54 percent. This market area also showed a 4 percent increase in the number of transactions, 50 homes sold in the first period and 52 sold in the more recent period.
At the other end is the Tomball Southwest area, which saw a nearly 21 percent percent drop in average sales price. In the period of June 2015 through May 2016, the community had an average home sales price of $505,494. That fell to $400,198 in June 2016 through May 2017.
The Woodlands also took an average sales price drop. In the first period it had and average price of $491,902, which fell more than 10 percent to $441,782 in the June 2016 through May 2017 period. This market showed a modest gain in number of homes sold, from 27 to 31 in respective time ranges, a 1.3 percent increase.
Other MLS areas closer to Houston, including Montrose, Spring Branch and West University and the Bellaire area showed positive growth.Contact An Agent Today