Fort Bend County, TX – The real estate market in Fort Bend County has experienced some notable changes in the first half of 2024, reflecting both opportunities and challenges for buyers and sellers.
In May 2024, Fort Bend County recorded the sale of 798 homes, indicating a steady pace in the housing market despite some fluctuations. The Greater Houston area, which includes Fort Bend County, saw a 1.5% year-over-year decline in single-family home sales in June 2024, with a total of 10,175 units sold, marking a 3.1% decrease from the previous year.
Home prices in Fort Bend County have continued to rise, with the median price reaching $443,970 in June 2024, a 3.6% increase from the previous year. This increase underscores the ongoing demand for housing in the region despite broader economic conditions.
Additionally, inventory levels have improved, with a 4.0-month supply of single-family homes available, up from 2.7 months in May 2023. This increase suggests a more balanced market, providing opportunities for both buyers and sellers.
The average days on market (DOM) for homes in Fort Bend County decreased from 49 days to 45 days year-over-year in June 2024, indicating that homes are selling relatively quickly, which is a positive sign for the market’s liquidity.
The sale-to-list price ratio stood at 97.7% in May 2024, slightly down by 0.53 percentage points from the previous year, indicating that homes are generally selling close to their asking prices. However, there has been an increase in the percentage of homes with price drops, up by 8.9 percentage points to 42.8%, reflecting some adjustments in pricing strategies by sellers.
Despite the challenges, the real estate market in Fort Bend County remains robust, with strong buyer interest and a steady rise in home prices. This increase in inventory levels and the higher percentage of price drops suggest that sellers may need to be more strategic in their pricing.