Market Update – Houston – May
Homes across the greater Houston area continued selling at a record pace despite historically low inventory and the start of the holiday season. A low supply of homes for sale and strong demand from homebuyers combined to push the average price to record territory.
Speed of the Market
Speed of the market: 98.5% – Based on Sales-to-Active Listing Ratio.
Home Sales
There wee 12,100 sales in April:
- 55.5% increase compared to May 2020. Total inventory decreased by 40.6% compared to last year.
Listings
There were 12,125 new listings in April:
Both the listings and sales activity have increased, resulting in an upward trend in prices.
- 1.3% increase compared to May 2020.
Total Dollar Volume
Total dollar volume equaled to 4.39 billion in May 2021.
- A 100% increase compared to May 2020. Total dollar volume also increased by 11.4% compared to last month.
Single-Family Home Highlights
9,702 single-family homes were sold in May:
- A 48.2 % increase compared to May 2020.
Median Price was $387,105:
- A 29.7% increase compared to last year.
Townhomes / Condo Highlights
840 townhomes were sold in May:
- A 103.4% increase compared to May 2020.
Median Price was $238,839:
- A 15.7% increase compared to last year.