Houston’s real estate market soared in 2020 despite the pandemic and initial uncertainty. The volume of sales for single-family homes in 2020 was 10% greater than that of 2019 even with home supplies dropping to an all time low of a 1.9 month supply.
The Houston market saw a decrease in home sales in April and May 2020, but sales took a positive and unexpected turn with real estate being deemed an essential service and stay-at-home orders being lifted.
Houston realized their greatest one-month sales volume of all time in July 2020. Year over year, single-family home sales hit 96,151 in 2020, a significant increase from 86,996 in 2019. Single-family median home sales price also saw a 6.12% increase from the previous year.
SOURCE: Community Impact