Houston Real Estate Highlights in March

[Jhoana Olarte]

• Single-family home sales increased for the tenth consecutive month, up 24.4 percent year-over-year with 9,347 units sold;
• The Days on Market (DOM) figure for single-family homes dropped from 65 to 45;
• Total property sales shot up 31.5 percent with 11,692 units sold;
• Total dollar volume soared 55.8 percent to $4.0 billion;
• The single-family average price reached a record high, rising 19.9 percent to $370,847;
• The single-family median price climbed 16.0 percent to $290,000 – also a record high;
• Single-family homes months of inventory registered an historic low 1.4-months supply, down from 3.4 months year-over-year and below the national inventory of 2.0 months;
• On a year-to-date basis, single-family homes sales are running 16.9 percent ahead of 2020’s record pace.
• Townhome/condominium sales jumped 45.2 percent with the average price up 7.6 percent to $242,063 and the median price up 5.3 percent to $195,000;
• Single-family home rentals fell 17.9 percent with the average rent up 8.8 percent to $1,944;
• Townhome/condominium leases rose 5.7 percent with the average rent up 6.8 percent to $1,720.