Greater Houston REAL ESTATE market update with Ft. Bend County Realtor Bret Wallace [October 2021]

Greater Houston REAL ESTATE market update for October 2021. On a year-to-date basis, local home sales are 15.3% ahead of 2020’s record pace and up by 21.6% compared to 2019. HAR considered the market has gone up so much that the price range for the luxury home segment of $750,000 is now raised to a million and above. Homes a million and above led the way in sales with a 34.6% year-over-year increase followed by The $500,000 to 1 million dollar segment, which rose by 28.3%. The $250,000 – $550,000 housing segment came in third place with an increase of  27.4%.

Single-family home sales staged a second consecutive monthly increase rising 1.5% with 9,226 units sold versus 9,086 in September of last year. Days on the market figure for single-family homes fell from 51 days to 29 days. The single-family average price increased by 13.4% to 372,408, making the Greater Houston average price for a single-family home over $372,000, bringing its median price to $300,000. Single-family homes months of inventory registered a 1.8 month supply down from 2.4 months a year from last September. That will most probably outpace 2020, which was a banner year for Texas unless something unexpected happens.

Townhome condominium sales also rose 11.7%, with an average price of 12.1% to $241,000 with a median price of 17% to $210,000. Single-family home rentals fell 8.2%, but the average rent went up to 9% to 21.15%, making the average rental price in Greater Houston or in the MLS record $21,115. Townhome, condominium, leases fell 1.8%, with the average rent increasing by 6.3% for about $1,800. Total property sales increased by 1.6%, with 11,285 units sold, and total dollar volume rose by 16.9% to 4 billion dollars total sales.