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Dear Kathy,
2023 marked one of the quietest housing markets our country has seen in over three decades, with the number of existing home sales a whopping 18.7% lower than in 2022 nationally and it was a similar drop in The Woodlands area. While home values still increased, most buyers and sellers noticed the sparsity of inventory and activity in the market.
The spring market of 2024 is telling a different story, and the housing market is building momentum as more inventory brings consumers to the market. Existing home sales jumped by nearly 10% in February, according to the National Association of Realtors. The median price recorded in February was also nearly 6% higher than the median price in February of 2023. In The Woodlands home sales jumped 17% in February and were even in March. Please note the data below.
NAR's data shows total housing inventory at the end of February rose by nearly 6% compared to January and was up 10.3% from last year and in The Woodlands we are up 13% over last year. If you're thinking about buying this year, improving inventory conditions will likely help ease some buyer competition.
This momentum marks the beginning of a much more lively spring real estate market. If you want to learn more about what this means for your real estate plans, feel free to reach out to me, I am always here as your real estate resource!
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