Spring Texas Real Estate Market June 26, 2023

Months of inventory increased to 1.8 months. The highest inventory level in the Spring Texas real estate market since November of 2022. New listings jumped 7% week over week. Buyers listen up …. here’s your opportunity to be picky. Bust outs due to buyers remorse or property condition are running higher than last year. Last year buyers were thrilled just to win the multiple offer bid. This year winning the multiple offer bid is not enough for buyers. They want a property in top condition. If you are unwilling to negotiate repairs to the buyers satisfaction, they will terminate and move on.

The increase in inventory doesn’t mean multiple offers have disappeared. Multiple offers are still occurring on the homes priced right, in top condition, and in great locations. If the right Spring Texas home comes on the market, don’t wait for an open house. Schedule a showing and put an offer in on it. Depending upon the individual sellers situation, the open house may be cancelled.

Days on market will increase with the increase in inventory. Days on market is for the homes that sold last week. These homes went into contract about 30 days so there’s a lag in the data. Average and median days on market was 36 and 15, respectively.

Average and median sales price to list price ratios were 99.5% and 100%, respectively. The increased inventory will bring the average sales price to list price down in future weeks. I’m anticipating the median sales price to list price ratios to remain at 100%. Although the inventory levels have increased, they are not high enough to move the needle on the median sales price.

Spring Texas average and median home sale prices are $380,922 and $310,000, respectively. Average and median price per square foot is in the low to high $150s.

Wondering how your Spring Texas neighborhood is faring?  Reach out to Jill Wente, Spring Texas real estate agent to discuss if now is the right time for you to make a move.