Houston Real Estate Market Winning Streak Continues – March 2017
The Houston Association just released the March 2017 MLS market report showing that the Houston real estate market continues to thrive in sales, price, and inventory. Increases were seen across the board during this past March, with increases in single-family home sales, total property sales, total dollar volume, and pricing.
According to the report, single family home sales rose 11.7% from 6,278 homes sold the year before to 7,013 homes sold in March 2017. The report also stated that single-family home median price was $227, 530, which is a 5.8% jump resulting the highest median price on record for a March. Another record high for March is the average sales price, which increased 4.6% to $284,279.
Townhome and condominium sales also showed a steady increase in March 2017, with a 7.4 increase year over year , with 652 units selling versus 607 in March 2016. The average price also climbed 3.4% to $200,556. The lease market showed astonishing gains in March 2017, with leases of single family residences rocketing 36.6% while townhome/condominium leases leapt 37.8%. It was also noted that the average rent for single-family homes declined to $1,647, a 4.9% drop, while the average rent dropped 5.6%to $1,487 for townhomes/condominiums.