Erica Wetherell, Realtor

May Market Update 📈 💫

While severe weather and resulting power outages caused a delay in some closings across the city, the Houston market continued to see strong activity with expanding inventory and persistent consumer demand.

MLS recorded sales of 8,538 units compared to 8,664 last May. Months supply of homes climbed from 2.7 to 4.0, which is the highest since August 2019 when there was a 4.1-months supply.

The high end of the market saw the strongest performance in May (home sales in the luxury segment, $1 million+). That was followed by the segment that consisted of homes priced between $500,000 and $1 million which rose 6.8 percent year-over-year. All other housing segments experienced a slowdown in sales last month.

The average price of a single-family home reached an all-time high in May of $443,970, topping the previous record in May 2022 when it reached $438,350. The average home price was up 3.6 percent year-over-year. The median price increased 1.5 percent to $345,000.

Source: HAR 🏡
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This custom masterpiece with multiple terraces seamlessly integrates interior and exterior living spaces, carefully curated with a nod to Mid-Century modern design. Would you believe this is just a couple of minutes walk from Highland Village? It feels so privately tucked in nature 🌳🪷💫

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