Luxe living. Homes in the luxury market segment (those sold at $750,000 and higher) skyrocketed 74% in January 2021 compared to a year prior. High-end sales ($500,000-$750,000) jumped 70% year-over-year. Mid-level properties ($250,000-$500,000) bumped up 62%. Finally, both the average and median single-family home price points set new January records.

The takeaway? Buyers can afford more than they could a year ago. A lot more. Historically low interest rates continue to move would-be buyers to the front of the open house line, and the still-diminishing inventory is fueling the competition.

“The Houston real estate market carried the momentum of 2020 into the new year, however we believe that the current pace of sales is unsustainable without an infusion of new listings into the marketplace,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “It’s our hope that as we move out of the winter months, more sellers will begin to put their homes on the market and help boost inventory to pre-pandemic levels.”

Sound familiar? Real estate experts have been cautiously doubtful of the market continuing at this pace month after month after month. Yet here we are!

For the full January HAR Press Release, click here.