Roger Martin Properties' Market Report
Houston, TX 77024
Single-Family Homes
www.rogermartinproperties.com | 713-661-2300 | roger@rogermartin.com
Houston, TX 77024
Sat Sep 30 2023
This week the median list price for Houston, TX 77024 is $2,695,000 with the market action index hovering around 31. This is less than last month's market action index of 32. Inventory has decreased to 85.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $2,695,000 | |
| Median Price of New Listings | $1,935,000 | |
| Per Square Foot | $476 | |
| Average Days on Market | 125 | |
| Median Days on Market | 84 | |
| Price Decreased | 49% | |
| Price Increased | 1% | |
| Relisted | 24% | |
| Inventory | 85 | |
| Median Rent | ||
| Market Action | 31 | |
| Slight Seller's Advantage | ||
While the median price in this zip code hasn’t moved much in the last few weeks, we are relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $5,699,000 | 10,211 | 1 - 2.5 acres | 6 | 8 | 13 | 1 | 2 | 91 |
| $3,850,000 | 6,952 | 0.5 - 1 acre | 5 | 6.5 | 22 | 0 | 1 | 98 |
| $1,850,000 | 4,175 | 0.5 - 1 acre | 4 | 4 | 47 | 1 | 3 | 98 |
| $947,450 | 2,849 | 8,000 - 10,000 sqft | 4 | 2.5 | 59 | 1 | 3 | 52 |