With the exception of 77064, fewer homes were sold in all Cy-Fair ZIP codes in 2019-20 than in 2018-19. Overall, the market saw a 4% decrease in home sales year over year.
In 2019-20, homes in five of the seven area ZIP codes spent less time on the market than in 2018-19. Local Realtors have discussed increased competition in the market due to low inventory and low interest rates since the start of the coronavirus pandemic.
“It seemed like the sellers were the ones that were more cautious. A lot of people didn’t want people coming into their house and were holding off on listing their house,” Cy-Fair Real Estate owner Jim Mulholland said. “If you were willing and able to list your house, you were one of the few options a lot of buyers had.”
When it came to the average price of homes being sold, each ZIP code in Cy-Fair saw a year-over-year increase. Debbie Marshall, manager and broker with Ross & Marshall Realty, said some buyers are waiting to shop for homes because they believe sales prices will drop soon, but she sees no sign of that happening in Cy-Fair due to high demand.
“Typically, any kind of shift in the economic market is good for real estate—whether it’s a rise in our economy or a downfall or a natural disaster or a pandemic,” Marshall said. “When the economy is just average and moving along slowly, that’s when we tend to just have average sales, average markets.”