Following two years of declining sales, the Houston housing market achieved modest growth in 2024. Despite fluctuating mortgage rates and elevated home prices, homebuyers sustained activity in both the resale and rental markets.
According to HAR’s December/Full-Year 2024 Housing Market Update, total property sales remained nearly unchanged compared to 2023, while single-family home sales increased by 1.3%. In December, single-family home sales surged 16.3% year-over-year and grew 9.9% month-over-month. At the beginning of 2024, inventory stood at a 3.2-month supply. Between August and November, it expanded to 4.4 months, marking the highest level since September 2012, when the supply reached 4.7 months. By December, inventory settled at a 4.0-month supply, which aligns with the traditionally “balanced market” range of 4.0 to 6.0 months, where neither buyers nor sellers hold a distinct advantage.
May recorded the highest sales volume of the year, with 8,482 single-family homes sold. By year’s end, a total of 85,163 single-family homes were sold across the Greater Houston area, reflecting a 1.3% increase from the 84,038 homes sold in 2023. Active listings, representing the total available properties, rose by 21.6% compared to 2023, reaching 45,714 units.
