May 24, 2022


Masters of home interior

Montgomery County market remains strong for home sales

2 min read

Real estate continues to be a hot topic in Montgomery County and across the region from record high appraisals to continued record high sales despite rising interest rates.

According to the Houston Association of Realtors, despite new listing weekly, buyer demand has continued to outpace supply. That is causing multiple offers on homes which is pushing pricing into record territory.

In fact, after reaching record prices in February, buyers pushed pricing to even higher levels in March. The average price of a single-family home rose 11.4 percent to $410,923 while the median price jumped 15.5 percent to $335,000. This marks the first time that pricing for a single-family home in Houston has surpassed $400,000.

“We are experiencing unprecedented market conditions in Houston with a frenetic pace of homebuying despite limited inventory, rising prices and steadily climbing interest rates,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “This is taking place amid a backdrop of continued supply chain problems and rising prices for everything from gasoline to groceries, which only adds to consumer pressures. We expect to see buyers start to pull back a bit until conditions stabilize, if indeed they do.”

The March 2022 Market Update showed single-family home sales increased 4.1 percent with 9,693 units sold compared to 9,309 in March of 2021. On a year-to-date basis, the market is running 10.8 percent ahead of last year’s record pace. The rental market is also strong as consumers that find themselves unable to purchase a home for the time being are instead opting to lease.

Homes priced between $500,000 and $1 million led the way in sales for the month, registering a 36.1 percent year-over-year gain. The $250,000 to $500,000 housing segment came in second place, climbing 24.0 percent. That was followed by the luxury market — consisting of homes priced at $1 million and above — which increased 16.0 percent.

However, those looking for homes below $250,000 are left shopping for higher priced home or opt to lease, HAR officials noted. Single-family rental homes rose 18.3 percent year-over-year. Leases of townhomes and condominiums were unchanged. The average single-family rent rose 6.7 percent to $2,075 while the average rent for townhomes and condominiums increased 7.6 percent to $1,852.

In Conroe, while existing homes continues a positive trend, the community is seeing several new developments bringing new homes to the area. According to information from the city of Conroe, there have been 253 new home starts since March.

Most recently, the Conroe City Council approved a 10-year service agreement with Municipal Utility District No. 202 for the development to a new 1,310 acre subdivision near the Conroe-North Houston Regional Airport.

On the heels of that action, Woodlands Developer The Signorelli Co. announced it was developing a master planned subdivision also near the airport that will include over 1,000 homes and will dedicate over 45 acres of greenspace, lakes and recreational amenities.

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