Despite the Thanksgiving holiday, November home sales continued to move in 2021 at a historic pace. Inventory levels remained low, but homebuyers continued to gobble up real estate.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in November 2021 rose 3.9 percent versus last November, with 8,320 units sold. That is up from 8,010 sales in 2020. On a year-to-date basis, 2021 total home sales are 12% higher than in 2020.
As with October, Homes priced between $500,000 to $1 million lead the way in home sales. Home sales in that price cohort were up 49.1 percent year-over-year. The luxury market – comprised of homes priced from $1 million and above – rose 23.4 percent over November 2020.
The single-family home average price rose 12.6 percent to $383,807 and the median price climbed 16.3 percent to $314,000. Median home prices matched the previous record from back in June.
According to HAR, total active listings, or the total number of available properties, fell 13.3 percent to 25,016. November sales of all property types totaled 10,2016, rose 5.6% compared to November of last year. As a result, the absorption rate for November 2021 was 41%. That’s off the highs we saw over the Spring and Summer, but still a very high absorption level.
Homes continue to sell pretty quickly. Days on Market (DOM), or the number of days it took the average home to sell, rose to 35 days in November. It is starting to take a little longer to sell than it did in the Spring. However, listings are still moving really fast.
Inventory fell to 1.6-months supply versus 2.1 months in November 2020. That’s slightly lower from the previous month but it is still below the current national inventory of 2.4 months recently reported by NAR.
The market remains very strong. However, things will slow as we approach the end of the year, which is the typical seasonal trend. After the 1st of the year, we can expect more inventory to enter the market and a flurry of initial activity. Stay tuned to the Norhill Realty blog for our thoughts on 2022 and anticipated trends in the market.
Regardless of what happens, be prepared. Make sure you have the information you need to make an informed decision on when to start house hunting or listing your home. Contacting a Norhill Realtor is a good place to start. One of our experienced agents can talk you through the current state of the market in the neighborhoods you care about, and if buying, get you connected with an experienced, professional mortgage broker so you can decide on the timing that works for you.
[vr_note note_color=”#f4f4f4″]Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities. Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.[/vr_note]
