Spring Texas homes under contract jump 19%

The number of Spring Texas homes under contract jumped 19% week over week. Months of inventory remains at a low of 2.2 months. Less than six months of inventory is considered a sellers market. When is the Spring Texas real estate going to be in a buyers market? I’ll go out on a limb and confidently say it won’t be in 2024. Sellers will have the upper hand in negotiating in 2024. As the interest rates decline more home buyers will enter the market. Spring Texas home prices will remain elevated and the increase in demand will keep home sellers controlling the negotiations.

The increase in the number of homes under contract reinforces what we are hearing from home buyers. They are tired of waiting for the the FED to reduce the overnight borrowing rate and for mortgage interest rates to decline. They are moving on with their lives knowing they will refinance their mortgage in the future.

Spring Texas home sellers are getting ready for the Spring and Summer selling season. Local real estate agents are saying they are hearing from more owners wanting to list than last year.  If none of the homes on the market meet your needs, hang on as more homes will be listed soon.

Here’s the stats to know about the Spring Texas real estate market:

Average Sales Price to List Price –  98%   Median Sales Price to List Price – 99%

Average Days on Market –  72   Median Days on Market – 47

Average Sales Price –  $419,677  Median Sales Price – $352,500

Average Price Per Square Foot –  $157.79  Median Price Per Square Foot – $147.48

Wondering how the real estate market is doing in your Spring Texas neighborhood?  Wondering how much equity you have in your home?  Reach out to Jill Wente, Realtor to get informed answers to those questions running through your mind.

Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of February 13 – February 19, 2024