A Recap of the 2021 Houston Housing Market and a Look Towards 2022
The Houston housing market was on fire in 2021! We are still in what is known as a seller’s market, as there are more buyers looking for a home than there are properties for sale.
Here’s a recap of some noteworthy Houston real estate trends in 2021.
- Median Home Price: $314,000, a rise of 13.3% from 2020.
- Median Monthly Rent: $1,477.
- The number of available properties decreased by 13.3% since 2020.
- The number of pending sales increased 19.3% from 2020.
- The average price of a single-family home rose by 12.6%.
- Sales of all property types were up 5.6% year over year.
- Inventory of single-family homes decreased to a 1.6 month supply. Comparatively, the nationwide housing inventory is 2.4 months.
- A single-family home only spent an average of 35 days on the market.
- Houston homes have appreciated in value by 92% since 2011.
A Forecast to 2022
According to the Houston Association of Realtors (HAR), the Houston housing market doesn’t show any signs of slowing down any time soon. Record-low mortgage rates mixed with a scarcity of homes available make for a perfect real estate storm.
Here’s what to expect this year:
- The overall housing market is expected to rise by another 13.5% by the end of the year.
- The average price of a single-family home will increase by 3.9%.
- The supply gap of new homes will decrease by 5%.
- Mortgage rates are predicted to rise by 3.6%.
- Rent is expected to increase by 7.1%.
- Sales in the Houston market are expected to rise by 2.6% year-over-year.
While there is a lot unknown about the Houston real estate market, don’t fret! If you are looking to make the leap and become a homeowner this year, 4809 Realty is here to help you every step of the way. Give us a
call today and let’s chat.
