Houston November Home Sales Remain Resilient Amid Rising Rates
Overview of November 2024 Market Activity
HOUSTON – December 13, 2024 – Despite elevated mortgage rates, Houston’s housing market maintained strong momentum in November, surpassing 2023 levels for the third consecutive month. Single-family home sales rose 6% year-over-year to 6,559 units, driven partly by lower mortgage rates earlier in the fall.
The luxury segment ($1M+) led with a 21.4% increase, while overall inventory grew 22.1%, reaching a 4.4-month supply. Average home prices climbed 4.1% to $418,903, while the median price edged up 1.5% to $329,990.
Despite rising interest rates, buyer demand remains robust, signaling market resilience heading into 2025.
Want a quick breakdown of this update? 🎥 Check out my latest Instagram Reel for highlights, insights, and a closer look.
Single-Family Homes Hold Steady
Single-family home sales rose 6.0% year-over-year to 6,559 units, outpacing last November’s 6,187 units. This marks the third consecutive month of growth, highlighting strong buyer demand.
- Average Price: $418,903 (+4.1%)
- Median Price: $329,990 (+1.5%)
- Days on Market: 52 days (up from 48)
- Inventory: 4.4 months supply (steady since August)
| Price Range | Change (%) |
|---|---|
| $1 - $99,999 | +21.3% |
| $100,000 - $149,999 | -8.3% |
| $150,000 - $249,999 | +10.1% |
| $250,000 - $499,999 | +3.3% |
| $500,000 - $999,999 | +13.3% |
| $1M and above | +21.4% |
Pro Tip: If you’re considering selling a luxury home, now is the perfect time. High-end buyers are active and inventory is more competitive, pushing up prices.
Existing Homes See a Boost
Existing single-family homes also outperformed:
- Sales: +10.6%
- Average Price: $439,206 (+7.4%)
- Median Price: $327,680 (+2.4%)
Higher prices for existing homes reflect sustained buyer demand, particularly in established neighborhoods.
Townhouses and Condos Decline
Townhouse and condominium sales dropped 12.0% year-over-year to 373 units. Prices followed suit:
- Average Price: $242,617 (-10.0%)
- Median Price: $224,000 (-6.6%)
Inventory climbed to 5.9 months supply, the highest since 2012. Buyers now have more options in this segment.
Pro Tip: If you’re a first-time homebuyer, townhomes and condos offer affordable entry points into homeownership with lower maintenance costs.
Market Momentum: Key Drivers
- Rising Inventory: Active listings increased 22.1%, giving buyers more options.
- Luxury Surge: Sales of $1M+ homes soared 21.4% year-over-year.
- Steady Demand: Buyers locked in during September’s lower rates kept November sales healthy.
National Comparison: Houston’s inventory supply matches the national level at 4.2 months, per the National Association of Realtors.
What It Means for Buyers and Sellers
- Buyers: More inventory and steady prices mean greater choices and opportunities. Watch interest rates closely; slight drops can increase affordability.
- Sellers: Luxury homes are in demand, and overall price gains show the market favors sellers—just plan for slightly longer days on market.
Ready to Explore Houston’s Market?
Whether you’re buying, selling, or just curious about your home’s value, Houston’s housing market offers a dynamic landscape with opportunities across every price range. If you’re interested in learning more or getting personalized assistance, reach out to Realty Raquel, your local expert on all things real estate in Houston. Let’s make your next move a smart one!
