HOUSTON – Last year was a record-setting year for home sales in Houston, according to the latest annual report by the Houston Association of Realtors.
One area that saw the most growth in sales was single-family homes, which saw a nearly 5% hike compared to 2018.
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“During the latter half of 2019, we had a sense that we were headed toward a record year for Houston real estate, but no one expected it to be this strong a finish,” said John Nugent, HAR’s chairman.
The Houston real estate market entered 2019 with a constrained inventory, according to HAR. However, the housing supply grew almost immediately, rising from a 3.6-months supply in January to a peak of 4.3 months in June and July.
Below we break down each record that was set last year:
Single-family homes
A record-high 86,205 single-family homes were sold across greater Houston, rising 4.8% from the previous year.
| Category | 2018 | 2019 | Change |
|---|---|---|---|
| Single-family home sales | 82,229 | 86,205 | 4.8% |
| Single-family average sales price | $298,982 | $305,959 | 2.3% |
| Single-family median sales price | $237,500 | $245,000 | 3.2% |
The strongest sales activity took place among homes priced between $250,000 and $500,000, rocketing 27.2% last year.
Homes in the $150,000 to $250,000 range ranked second, climbing by 13.7%.
The luxury segment, consisting of homes priced $750,000 and above, increased 12.7%.
Total Dollar Volume
The total dollar volume for 2019 rose by 6.7% to a record-setting $30 billion, the report shows.
| Category | 2018 | 2019 | Change |
|---|---|---|---|
| Total dollar amount | $28,016,207,841 | $29,901,458,214 | 6.7% |
All property types
Sales of all property types totaled 102,593, which represents a 4.3% increase over 2018’s record volume and marks the first time that total property sales have ever broken the 100,000 level.
| Category | 2018 | 2019 | Change |
|---|---|---|---|
| Total property sales | 98,395 | 102,593 | 4.3% |
More 2019 Real Estate Records
- A record-high average price of $322,143 was reached in May.
- A record-high median price of $252,700 was achieved in June.
- Houston’s greatest one-month sales volume of all time with 8,918 single-family units sold was achieved in July.
"As long as the Houston economy remains healthy and we see some growth in housing inventory, we expect 2020 to get off to a positive start,” said Nugent.