Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Mean for You?
Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
Bottom Line
If you’re wondering if it’s a good time to sell your home, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the latest updates on what’s happening in our local market, let’s connect.
The real estate market in Katy, TX and Houston, TX area is booming, and homes are selling faster than ever before. With a high demand for housing and a multitude of appealing features, it’s no wonder that homebuyers are eager to snatch up their dream homes in this vibrant Texas city. In this article, we will explore the reasons behind the rapid sale of homes in Katy, TX and how you can take advantage of this hot market.
1. The Katy Lifestyle:
Katy, TX offers residents a perfect blend of suburban tranquility and urban convenience. From its top-rated schools and friendly neighborhoods to its community parks and shopping centers, Katy is an ideal place for families and professionals alike. Buyers are attracted to the area’s excellent quality of life, making homes in Katy desirable and sought-after.
2. Prime Location:
Situated in the Houston metropolitan area, Katy benefits from its proximity to major employment centers, including the Energy Corridor. Commuting to work is hassle-free, and residents can enjoy a short drive to downtown Houston for entertainment and cultural activities. The strategic location of Katy makes it an irresistible choice for homebuyers from all walks of life.
3. Affordability:
Compared to other housing markets in Texas, Katy offers affordable home options without compromising on quality. Buyers get more value for their money, making it an appealing destination for those looking to upgrade or purchase their first home. The wide range of housing styles, including single-homes, townhouses, and condos, cater to different budgets, ensuring there’s a perfect match for everyone in Katy, TX.
4. Strong Economy:
A robust local economy plays a pivotal role in attracting buyers to Katy, TX. The region is known for its diverse industries, including energy, healthcare, and technology, providing residents with abundant job opportunities. With a strong job market and a stable economy, homebuyers feel confident in investing in Katy’s real estate market, further fueling the rapid home sales.
5. Limited Inventory:
The scarcity of available homes contributes to the rapid pace of sales in Katy, TX. The high demand for housing outpaces the current inventory, creating a seller’s market. This situation puts buyers under pressure to act quickly and make competitive offers to secure their desired home. Homesellers in Katy have the advantage of a fast-selling market, ensuring a smoother sales process and potentially higher profits.
Conclusion:
The real estate market in Katy, TX has witnessed an unprecedented surge in home sales due to its desirable lifestyle, prime location, affordability, strong economy, and limited inventory. As a result, homebuyers must be proactive and prepared to act swiftly when a suitable property becomes available. If you’re looking to buy or sell a home in Katy, TX, now is the perfect time to take advantage of this fast-paced market and make a move towards securing your dream home or maximizing your real estate investments.
