In total, 85,163 single-family homes were sold in Houston in 2024, compared to 84,038 in 2023, according to the report.
May saw the most amount of buyer activity within a single month, with 8,482 single-family homes sold, according to the report.
The details
According to the report, when the Federal Reserve cut interest rates in September, it provided confidence to buyers. From September to December, single-family home sales topped 2023 sales figures.
Home prices also reached record highs in 2024, according to the report. The average price for a single-family home in Houston hit a record of $442,362, beating the previous record set two months earlier in May. The average price of a single-family home increased 2.5% from 2023, according to the report.
According to the report, total property sales year over year in December increased 13.6%. Single-family home sales also increased year over year in December, climbing 16.3% year over year.
Homes priced $1 million and above saw a strong increase in sales activity in December, with sales increasing 64.6% compared to last December, according to the report.
“2024 brought a welcomed balance to the Houston housing market,” said HAR Chair Shae Cotta. “While higher mortgage rates presented financial challenges for some consumers, the Houston market weathered these rate fluctuations better than many other regions across the country.”
