The median sales price of homes in Houston rose to $321,623 in the first quarter of 2022, a 16.7% spike from the same quarter last year.
According to the latest quarterly housing report from Texas REALTORS®, active listings in Houston fell 3.3% year over year, while closed sales were up 10.4%.
The median sales price of a Texas home rose to $325,000 in the first quarter of 2022, an 18.6% spike from 2021.
Active listings in the state fell 8.2% year over year to 38,870, while closed sales increased by 5.6%.
Homes spent an average of 37 days on the market before going under contract, 10 days less than the first quarter of 2021. The housing supply in Texas decreased 0.2 months in the first quarter of 2022 to 1.1 months of inventory.
“The demand for Texas housing continued its rapid, upward trajectory during the first three months of 2022,” said Russell Berry, chairman of Texas REALTORS®. “We have tight levels of housing inventory but continued relocation activity to Texas — as well as plenty of existing Texans who want to change their housing situation for a variety of reasons. So, we continue to see home prices rise across the state and home sales that are stronger than ever.”