💥 April 2022 Market Update 💥

✨ What does April’s market stats have to say about Houston’s current real estate market? ?✨

April was a hot month for the Houston market!  Even though the sales volume was not as high as it was this time last year, rising interest rates and limited inventory heavily influenced the traditionally busy spring homebuying season.

Single-family home sales saw a 0.2 percent decline with 9,079 units sold compared to the 9,100 units that were sold in April of 2021. Nonetheless, the market has kept up the momentum running 7.4 percent ahead of 2021’s record-setting volume. We also see that potential homebuyers are choosing to rent, which increased single-family home leases up 17.2 percent. 

To our surprise, homes priced between $500,000 and $1 million experienced the largest increase in sales in April, which meant a 45.0 percent year-over-year sales volume gain! ? The luxury market – consisting of homes priced at $1 million and above shot up 24.9 percent, with the $250,000 to $500,000 housing segment coming in at third place with an increase of 13.5 percent. ?

A continued lack of available homes priced below $250,000 has left consumers no choice but to shop for more expensive homes amid rising interest rates or to lease, leaving mortgage rates surging at the fastest pace in 40 year! ❗❗❗❗

The average price of a single-family home rose 14.9 percent, while the median price jumped 16.6 percent. Pricing for a single-family home in Houston surpassed $400,000 for the first time in March of this year. ?‍?

Contrary to what some people think, we still see new listings hitting the market, but they are flying off of it as quickly as they came. If you’re interested in getting more information about whether this is the time for you to buy, sell, or lease a home, The Bridge Group is always here to help you meet your real estate needs!  ?

Contact Us For More Information

info@bridgegrouptx.com | 281-785-1456 ?