Your Weekly Market Update 10.27.2022

This week’s real estate market continues to follow the trend: high interest rates, accompanied by higher pricing. The average price for a home in Houston has now risen to a little under $420K, making homes unaffordable for tons of buyers. The rental market continues to inflate as well, with the average residential single-family rental home pricing at ~$2,700.

Closings continue their downward streak for the 20th week straight. With a 20% decline and the holidays around the corner, we are headed for a slower market going into 2023.

If I were still an active realtor, here’s the advice I’d give:

Buyers: if you can afford to buy the home now and refinance at a later date, you are in a strong place to negotiate with sellers. Sellers: add value to your property by making minor repairs, refinishing your floors, and price the home well. Homes in tip-top condition are continuing to sell at list price in our market, and buyers are still out on the hunt. New listings have taken a significant drop, while active listings are on the market for about 2 months (psst: it’s still a seller’s market by definition).