Although the better part of the world’s economy has taken a major dive because of the effects of Covid-19, Houston’s real estate market is still growing and thriving in February/March 2020.
According to the Houston Association of Realtors, February home sales continued to climb for the eighth consecutive month. This was fueled in no small part by falling interest rates; some of the best we’ve ever seen.
Single-family homes between $250,000-$500,000 saw the highest sales, followed by SFHs in the luxury market ($750,000+). Leasing activity also went up during the month.
HAR also reported that SFH sales saw a 13.2% increase from the previous February, as well as the median price of SFHs rose 5.2% to $245,000 and the average price went up by 5.9% to $301,648.
These impressive numbers are the best Houston’s home market has ever seen in the history of the month of February.
The number of days it took the average home to sell, a.k.a. “Days on Market (DOM)”, stayed steady at 68 days.