Hi neighbor,
Today I will be sharing with you our perspective on the local real estate market here in Spring, Texas, specifically a market update for the neighborhood of 77380. Whether you are looking to buy, sell, or just keep an eye on the market, we look forward to being your resource.
What is happening in the real estate market in 77380?
We currently have 8 homes pending, with 3 homes sold in the last two weeks, averaging a sale price of $197 a square foot. Three homes sold over the asking price.
Compared to the two weeks prior: The number of homes sold is still the same. The average sales price in the neighborhood is $629,000. Every home is different, with different features, so don’t forget to ask us for your annual equity review if you are curious about your personal home. You can request your free home evaluation here or email us here.
I know the interest rates rising has been one deterrent from some buyers purchasing right now, but that isn’t your ideal buyer anyways! The most desirable homes in the area are still selling the first weekend or first week they hit the market (a really good coming soon campaign, like we do at Jo & Co. allows you to sell faster, for more money).
Check out the graphic below for a larger overview of the real estate market for the last two weeks in 77380.
Insight From Jo
Twenty-eight of the largest metropolitan housing markets have seen falling home prices on a year-over-year basis heading into 2025 including Austin, Dallas, San Antonio, Killeen, Lubbock, Corpus Christi, and Laredo, but Houston was not one of them. The pandemic-fueled migration has slowed, partly due to the increased mortgage and insurance rates, but Houston and the surrounding suburbs have not seen that drastic decline the other Texas metros have seen. I personally think this is the case, because we haven’t seen the heavily inflated prices and have many affordable suburbs. Developers have been able to find affordable land in the suburbs such as Conroe, Magnolia, Tomball, and Porter allowing beautiful and affordable homes to be built just 15-30 minutes from city centers.
Most family who are considering a relocation to the Houston metropolitan area are also considering the Dallas metropolitan area. In the last five years, Dallas has seen a 44% increase in value/prices, while Houston has only seen a 36.9% increase in value. To add more perspective to the national wide picture, Miami has seen a 62.2% increase in prices, Tampa has seen a 59.4% increase in prices, and Nashville has seen a 48.8% increase in prices. Most ranges were between 40% and 65%. You can access the data by clicking here.
Please keep in mind these numbers are averages, so there are some neighborhoods and suburbs way above the averages. It all depends on desirability of that area and the state of the homes.
I have really been into statistics lately. The most interesting one I have found is see a data point comparing September of 2024 to October of 2024, where the medium sales price for a single family home in the United States went from $426,800 to $437,300. And if we focus on local numbers, we will see homes sales surpassed 2023 levels for the third consecutive month, while inventory continued to expand, which was reported December 11th, 2024. The high end of the market saw the strongest performance in November. Sales in the luxury segment ($1 million+) were 21.4 percent higher than the same time last year.
November Monthly Market Comparison
November marked the second consecutive month where total property sales were in positive territory with sales increasing 3.3 percent year-over-year. Total dollar volume rose 11.1 percent to $3.1 billion. Active listings, or the total number of available properties, were 22.1 percent ahead of the 2023 level.
Houston Real Estate Highlights in November
• Single-family home sales increased 6.0 percent year-over-year;
• Days on Market (DOM) for single-family homes went from 48 to 52 days;
• Total property sales were up 3.3 percent with 7,750 units sold;
• Total dollar volume rose 11.1 percent to $3.1 billion;
• The single-family median price was up 1.5 percent to $329,900;
• The single-family average price climbed 4.1 percent to $418,903;
• Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last November.
• Townhome/condominium sales declined 12.0 percent year-over-year. The median price declined 6.6 percent to $224,000, and the average price was down 10.0 percent to $242,617.
While it is fun to look at statistics, and they do give you an overall picture, one must really focus on a specific area to see how this would affect you buying or selling in that given area.
I have personally seen seller activity increase, and buyer activity decrease the last two weeks, which will drive us even deeper into a buyer’s market. But I only think this will last the next month or two. Then I foreshadow things changing directions. Slowly, but surely, that is what I forecast.
What is happening in the real estate market nationally?
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Mortgage rates trended higher last week. Job openings increased in November. Mortgage application submissions slipped two weeks ago. The ADP nonfarm employment change was below expectations in December. Continuing jobless claims increased while initial jobless claims decreased. Consumer credit decreased in November. The employment situation had mixed results. |
| MORTGAGE RATES CURRENTLY TRENDING | THIS WEEK'S POTENTIAL VOLATILITY |
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Notable News
- Mortgage rates jump to summer highs. Watch Now >>
- America’s frozen housing market is starting to thaw. Watch Now >>
- Housing market trends to watch this year. Listen Now >>
Market Recap
- Job openings on the Job Openings and Labor Turnover Survey (JOLTS) were at 8,098,000 in November, which was an increase from the month before.
- Mortgage application submissions slipped 3.7% during the week ending 1/3. While the Refinance Index increased 2% from the previous week, the seasonally adjusted Purchase Index decreased 7%.
- The ADP nonfarm employment change was at 122,000 in December, which was a smaller-than-expected increase.
- Continuing jobless claims increased by roughly 30,000 during the week ending 12/28 to reach a level of 1,867,000. Initial jobless claims fell by 10,000 down to 201,000 during the week ending 1/3.
- Consumer credit fell by 7.49 billion in November.
- Average hourly earnings slipped to 0.3% month-over-month in December, down from 0.4% in November. The average workweek was unchanged at 34.3 hours. Government payrolls jumped by 33,000, manufacturing payrolls slipped by 13,000, and nonfarm payrolls increased by 256,000. The participation rate was at 62.5% while the unemployment rate slipped slightly to 4.1%. Private payrolls increased by 223,000.
Review of Last Week
JOBS SINK STOCKS… A better-than-expected 256,000 new nonfarm payrolls in December was bad news for the three big stock indexes, as traders feared labor market strength would put the brakes on Fed rate cuts.
More reason for the Fed to hold on cuts came with evidence inflation remains a major problem. The ISM Non-Manufacturing report's prices index rose to the highest level in almost two years.
Plus, University of Michigan Consumer Sentiment reported folks remain worried about inflation. And the economy isn't yet in need of rate cuts to stave off recession—December vehicle sales were up a healthy 5.5% from a year ago.
The week ended with the Dow down 1.9%, to 41,938; the S&P 500 also down 1.9%, to 5,827; and the Nasdaq down 2.3%, to 19,162.
Meanwhile, the bond market slid overall, the 30-Year UMBS 5.5%, ending down 0.15, to $98.05. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate was up a tad from the prior week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… A new report from an online real estate database found housing affordability improved in 2024 for the first time in four years “because wage growth outpaced the growth in monthly housing payments.”
Market Forecast
HOME BUILDING, INFLATION, RETAIL SALES… December should show builders more active, with an increase in Housing Starts, though Building Permits are forecast to come in slightly lower. Unfortunately, inflation is expected to remain in its holding pattern according to the Consumer Price Index (CPI). And those higher prices will contribute to some of the predicted bump in December Retail Sales.
Summary
Mortgage applications slowed the first week of the year, but homebuyers stay interested. A weekly report from an online real estate database found that weekly home tour activity rose over December and year-over-year.
Realtor.com reports the median price of homes for sale in December was down almost 2% from a year ago, and the inventory and market share of smaller, more affordable homes continued to grow.
Fannie Mae reported housing optimism came in relatively high in December. Their Home Purchase Sentiment Index trended upward for the month, ending “substantially above year-ago levels.”
Can we sell yours?
So if you are in need of a listing agent, we would love the opportunity to see your home and meet you of course. My husband, Edward, and I, look forward to being the brokerage and team for you! You can reach out to us via email: [email protected] & [email protected] or telephone: 832-493-6685.
Read more:
If you are curious ‘How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
What next?!
• Navigate our Blog: https://byjoandco.com/categories-to-help-you-navigate-the-blog/
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