Houston Housing Market - 2023 Mid-Year Report

Executive Summary

Exploring 38 local market areas within Harris County along with County level insights, the report provides both macro and micro analyses. After reading, you’ll grasp the essence of the Houston market.

Given Houston’s diverse geography and housing styles, prudent decisions demand deeper dives. If your market area isn’t covered, custom dashboards can be created upon request.

Thank you for your time. Feel free to call or email for further market exploration.

SECTIONS OF THE REPORT

1. Harris County Highlights

Understand the market at the macro level: Harris County. Includes period-over-period comparisons, price segment distributions as well as other historical data trends.

2. Market Area Comparison

This section will show you how each area stacks up: 1) Top 10 Markets based on Med. Sales Price per property type; 2) Presenting the Market Health Check (buyer’s, seller’s or even market).

3. Market Area Details

Get a detailed breakdown of 38 local market areas tracked with period-over-period changes included.

Harris County Highlights

The matrix to the left delves into the housing market dynamics from a macro perspective, encompassing comparisons of year-over-year data (Q1/Q2 2022 v 2023) as well as the trends over the last 12 months (Q3/Q4 2022 v Q1/Q2 2023), all within Harris County.

Although some local market areas don’t follow suit, the predominant housing type in Harris County are Single-Family (SF) homes. Looking at the performance of Q1/Q2 2023 compared with the same period a year ago, you can see that:

• Closed sales saw a decline of 20%

• Prices incurred a moderate reduction

• More homes listed, but fewer new sellers bringing their homes to market

• Better price negotiability for buyers

• Increase in days on market

Looking at the current period (Q1/Q2 2023) compared to Q3/Q4 2022, you’ll notice some interesting results:

• Only moderate decline in closed sales

• Prices held firm

• More new sellers bringing their homes to market, but fewer available homes overall

Continuing the Harris County highlights, the featured data visualizations offer insights into pricing, $/sqft, inventory trends, and price distributions for local housing. Presently and for the future market outlook, the encouraging upward inventory trend is noteworthy, yet it falls short of ideal levels. In essence, limited homes for sale constrain market activity. Notably, numerous potential sellers and buyers remain inactive, impacting transactions. While rising interest rates contribute, inventory scarcity significantly influences this situation.

Top 10 Markets

Median Sales Price

Categorizing the data by property type, the bar charts presented show the Top 10 areas by sales price, drawing from the dataset from Q1 & Q2 2023. Markets considered include 38 different local market areas found throughout Harris County.

The next two pages compare Harris County along with the 38 local market areas: New Listings, Total Active Listings, Closed Sales and Median Sales Price. The 1st compares Q1/Q2 2023 v Q1/Q2 2022 with the 2nd comparing with Q3/Q4 2022.

Market Area Comparison

Market Area Comparison

Market Area Details

Market Health Check Inventory Levels (SF Only)

Bellaire

Braeswood Place

Briar Hollow

Briargrove

Cottage Grove

EADO

Galleria

Garden Oaks

Greenway Plaza

Heights/Greater Heights

Highland Village/Midlane

Independence Heights

Knollwood/Woodside

Medical Center Area

Memorial Close In

Memorial Park

Memorial Villages

Meyerland Area

Midtown

Montrose

Northside Village

Oak Forest East

Oak Forest West

Rice Mil./Wash. Corridor

Rice/Museum District

River Oaks Area

River Oaks Shopping Area

Riverside

Seller’s Market

0 - 5 Months of Inventory

Roydon Oaks/Afton Oaks

Shepherd Park Plaza

Spring Branch

Even Market

5 - 7 Months of Inventory

Tanglewood Area

Timbergrove/Lazybrook

University Area

Upper Kirby

Washington East/Sabine

West U./Southside Place

Willow Meadows Area

Buyer’s Market

7+ Months of Inventory

Months of Inventory = absorption rate. This figure measures how long (in terms of months) it will take for the current inventory of homes on the market to sell based on the pace of sales from the last 12 months, assuming no new homes come to the market.

HOUSTON TEXAS RESIDENTIAL| Q1 & Q2 2023

Market Area Details

Market Area Details

Click Section Title To Navigate

Bellaire

Braeswood Place

Briar Hollow

Briargrove

Cottage Grove

EADO

Galleria

Garden Oaks

Greenway Plaza

Heights/Greater Heights

Highland Village/Midlane

Independence Heights

Knollwood/Woodside

Medical Center Area

Memorial Close In

Memorial Park

Memorial Villages

Meyerland Area

Midtown

Montrose

Northside Village

Oak Forest East

Oak Forest West

Rice Mil./Wash. Corridor

Rice/Museum District

River Oaks Area

River Oaks Shopping Area

Riverside

Roydon Oaks/Afton Oaks

Shepherd Park Plaza

Spring Branch

Tanglewood Area

Timbergrove/Lazybrook

University Area

Upper Kirby

Washington East/Sabine

West U./Southside Place

Willow Meadows Area

RESEARCH METHODOLOGY

The information within this report is the result of a compilation of information on residential real estate located in the Houston Metropolitan Area. Properties sold outside of the public marketplace are excluded from this report and any analysis included. All information included has been sourced from outlets deemed reliable and every effort has been made to ensure its accuracy. Data used is sourced from the Texas REALTOR® Data Relevance Project, a partnership among Texas REALTOR® associations throughout the state. Analysis provided through a research agreement with the Real Estate Center at Texas A&M University. Data is also sourced directly from HAR/MLS.

ABOUT BENSON ANALYTICS

Officially formed in 2020, Benson Analytics, LLC is solely focused on providing the consumer with accurate, reliable and relevant information. Data integrity is at the forefront and every reasonable effort is made to ensure its accuracy, although it cannot be guaranteed due to the ebbs and flows of the market.

Harris Benson

E: harris.benson@elliman.com

M: +1 713.299.3015

The information contained herein has been obtained from sources every reasonable effort has been made to ensure its accuracy, we responsibility is assumed for any inaccuracies and readers professional advisors prior to acting on any of the material home is presently offered for sale, this is not a solicitation

CONTACT HARRIS BENSON