Greater Houston October 2022 Real Estate Market Update

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Houston Real Estate Highlights

  • Single-family home sales fell 17.0 percent year-over-year, the sixth consecutive decline of 2022, as the market continues toward a more normalized, pre-pandemic pace;
  • Despite the overall sales volume decline, the high end of the market flourished, with the $500,000 to $1M housing segment establishing itself as the top-performing segment in September, up 12.6 percent year-over-year;
  • Days on Market (DOM) for single-family homes grew from 29 to 37 days;
  • Total property sales were down 17.0 percent, with 9,387 units sold;
  • Total dollar volume was off 8.5 percent at $3.7 billion;
  • The single-family average price rose 11.6 percent to $414,776;
  • The single-family median price increased 14.7 percent to $343,950;
  • Single-family home months of inventory registered a 2.7-months supply, up from 1.7 months a year earlier. That is the greatest inventory level since July 2020;
  • Townhome/condominium sales experienced their fourth consecutive monthly decline, falling 17.6 percent, with the average price up 7.5 percent to $257,781 and the median price up 4.8 percent to $220,000.