Is Houston’s Real Estate Market Finally Returning to Normal?

IT’S BEEN TWO YEARS since the Houston housing market launched into a historical frenzy with homes listing and selling practically on the same day and offers reaching, at times, $100,000 over the asking price. A persistent lack of inventory and rising prices began pushing would-be homebuyers to either wait out the storm or turn to rental housing options. 

However, the most recent housing market report—released in October by Houston Association of Realtors’ (HAR)—shows we are finally in a transition to pre-pandemic levels as home inventory in September boosted to its highest availability in two years, and home sales under $500,000 dropped for the sixth consecutive month. 

“The Houston housing market consists of many concurrent trends,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “The high end of the market continues to perform well, as is the rental market. But because of a lack of homes priced below $400,000, the market as a whole is slowing to levels we were accustomed to before the pandemic. The most encouraging news of all is the gradual build-back of inventory, which should yield more options for consumers going forward.”

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