A new report from Douglas Elliman shows a historic rise in home sales in the Houston Metroplex during the last quarter of 2020.
New development condo sales, reflecting 11.2% of all condo sales in Houston, experienced the largest annual increase in a decade, rising 44.9% from the last quarter of 2019.
Sales surged across all housing types during Q4 2020, more than doubling year over year to a record 19,555 sales.
Median sales prices in Houston were also up during the last quarter, rising 11.8% to $265,000.
With demand at record highs, average listing time fell during Q4, down 11 days from 2019 to an average 38 days on market.
Meanwhile, listing inventory in Houston fell to record lows at the end of 2020, falling sharply by 25.3% to 6,634. Months of supply dropped to 3.8 months, down 35.6% from the final quarter of 2019, when it stood at 5.4 months’ supply.