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Houston Real Estate Market Report | August 2023

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Houston Real Estate Market Report | August 2023

As the sun sets on the summer season, here’s what

we’re experiencing the marketplace…

Most neighborhoods have more inventory.

Yay, for more buyer selection.

Sales velocity begins to ebb as we roll

into fall and winter slowly.

And, the average sold price is climbing, not falling!

Despite ongoing challenges, the Houston housing

market is displaying positive signs of returning to a more

stable state after the pandemic and the

impact of rising interest rates.

Here are some key insights from the July 2023 Market Update:

Sales Trends: While home sales across Greater Houston

experienced a decline for another consecutive

month in July, the rate of decline was the smallest

observed in over a year.

Market Stabilization: The housing market continues

its journey toward normalization, with single-family

home prices stabilizing. The average price increased

by a modest 0.6 percent to $428,140.

Townhouses and condominiums also experienced an

average price increase of 2.1 percent to $263,876.

Rentals of single-family homes and

townhomes/condominiums continue to be strong.

Beware!

Properties that miss the mark on pricing, marketing,

presentation and representation will find themselves

gathering cobwebs, slashing prices, and getting

no love from potential buyers.

For Sellers, expertly presented and professionally

marketed properties will attract strong offers and sell quickly.

Positioning a property for selling success is everything.

For buyers, there’s good news and other news.

The good news; new listings are tumbling onto the

market daily, giving you more options. The other news.

Property price is still increasing, slowly, but it all add.

When you spot THE one, be ready to act

quickly and put your best offer forward.

Thank You and Best Wishes🌞