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The Greater Houston Partnership has issued the following press release:
The Thanksgiving holiday did not slow Houston’s housing market. Home buyers steered the market back into positive territory in the month of November even as inventory hovered at historically low levels. As in the month before, homes sales in the $500,000 to $1 million price range lead the way as the lack of inventory of homes under $250,000 pushed overall prices upward. Since the first of the year, the median sales price for a single-family home has jumped 19.4 percent, from $263,000 in January to a record high of $314,000 in November.
Houston-area realtors sold 8,320 single-family homes in November ’21, up 3.9 percent from November ’20, according to the Houston Association of Realtors (HAR). The market remains on track to set a record this year. For the 12 months ending in November ’21, realtors sold 106,618 single-family homes, up 13.1 percent from the same period in ’20.
“Throughout the pandemic, the Houston housing market has been unpredictably strong and November was no exception,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “We remain on track for a record 2021, and the Greater Houston Partnership (GHP) sees positive conditions for local employment going into 2022, which is good news for real estate.”
Inventory, or the number of months it would take current demand to deplete supply, fell to 1.6 months in November, down from 1.8 months in both September and October of ’21; however, it’s well below November ’20 when Houston had 2.1 months of inventory.
Houston’s lease market enjoyed robust activity in November. Single-family lease homes rose 7.1 percent year-over-year. Leases of townhomes and condominiums increased 5.1 percent. The average single-family rent climbed 8.5 percent to $2,042 while the average rent for townhomes and condominiums increased 3.8 percent to $1,737.
By segment, year-over-year November single-family sales performed as follows:
- $1 - $99,999: decreased 23.9 percent
- $100,000 - $149,999: decreased 27.1 percent
- $150,000 - $249,999: decreased 33.5 percent
- $250,000 - $499,999: increased 26.2 percent
- $500,000 - $999,999: increased 49.1 percent
- $1M and above: increased 23.4 percent
Days on Market (DOM), or the number of days it took the average home to sell, decreased from 46 days in November ’20 to 35 days in November ’21.
For all property types (single-family, duplexes, townhomes, condos, and residential lots), realtors sold 10,216 units in November ’21, up 5.6 percent from November ’20. The 12-month total for all property types was 131,208 homes, up 16.0 percent from the same period in ’20.