Houston moved up within the Southern States region for the past three years with an average sales price of $12.2M in 2024. This is in contrast with years prior when Houston was a less expensive market than Atlanta, Dallas, and Nashville. 2023 did witness a slight dip in sales prices to $10M on average but also saw the fastest selling average with only 187 Days On Market (DOM). DOM grew again in 2024 to 241, which is still well below the US average.
Highlights
Average sales price reached $12.2M in 2024, an all-time high
Market velocity is impressive at 241 DOM, well below the US average
Sale-to-list price ratio improved dramatically from 74% in 2022 to 86% in 2024
No problems in Houston In previous years, we saw a downward trend in average DOM in Houston except for an increase in 2022. This is partly the result of an expensive property that took almost three years to sell and sold at only 71% of its initial list price. Selling at a discount was not a unique situation in 2022, when the average property sold only for 74% of the list price.
Sellers have adjusted accordingly in recent years, where they sold at 91% and 86% of list price in 2023 and 2024. There remains a clear discrepancy in return for faster-selling properties (under 180 DOM) and slower-selling ones (over 180 DOM), where the latter sells for a lower percentage of its asking price.
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