Montgomery County market remains strong for home sales

Real estate continues to be a hot topic in Montgomery County and throughout the region, from record valuations to continued record sales despite rising interest rates.

According to the Houston Association of Realtors, despite new listings weekly, buyer demand has continued to outstrip supply. This leads to multiple offers on homes, pushing prices into record territory.

In fact, after hitting record highs in February, buyers pushed prices to even higher levels in March. The average price of a single-family home rose 11.4% to $410,923, while the median price jumped 15.5% to $335,000. This is the first time that the price of a single-family home in Houston has exceeded $400,000.

“We are experiencing unprecedented market conditions in Houston with a frenetic pace of home buying despite limited inventory, rising prices and ever-increasing interest rates,” said HAR President Jennifer Wauhob of Better. Homes and Gardens Real Estate Gary Greene. “This is happening amid ongoing supply chain issues and rising prices for everything from gas to groceries, which only add to consumer pressures. We expect to see buyers start to pull back a bit until conditions stabilize, if that is indeed the case. »

The March 2022 market update showed single-family home sales rose 4.1% with 9,693 units sold, compared to 9,309 in March 2021. Year-to-date, the market is ahead 10.8% on last year’s record pace. The rental market is also strong, as consumers who are unable to purchase a home at the moment are opting to rent instead.

Homes priced between $500,000 and $1 million led the way in sales for the month, posting a 36.1% year-over-year gain. The $250,000 to $500,000 housing segment came in second, climbing 24.0%. This was followed by the luxury market – made up of homes priced at or above $1 million – which rose 16.0%.

However, those looking for homes under $250,000 should buy more expensive homes or opt to rent, HAR officials noted. Single-family rental homes were up 18.3% year over year. Townhouse and condominium leases remained unchanged. The average rent for single-family homes rose 6.7% to $2,075, while the average rent for townhouses and condominiums rose 7.6% to $1,852.

In Conroe, while existing homes continue a positive trend, the community is seeing several new developments bringing new homes to the area. According to information from the City of Conroe, there have been 253 housing starts since March.

Most recently, Conroe City Council approved a 10-year service agreement with Municipal Utility District No. 202 for the development of a new 1,310-acre subdivision near Conroe-North Houston Regional Airport. .

On the heels of this action, Woodlands Developer The Signorelli Co. announced that it is developing a planned development also near the airport that will include more than 1,000 homes and dedicate more than 45 acres of green space, lakes and recreational facilities.

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