Despite COVID-19, Buyer Demand, Low Inventory Make For a Seller’s Market

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More high-end homes are flooding the market, and Houston’s market has rebounded already.

Put your coffee down, because you don’t want to spit on your phone when I tell you this:

Houston’s real estate market has already rebounded from the March plummet due to the coronavirus. That’s directly from the Houston Association of Realtors.

And the Bayou City isn’t alone. In fact, homes are flying off MLS at all price ranges thanks to extremely low inventory and high buyer demand. However, luxury homeowners who were previously on the fence about selling have now made the decision to list, according to stats from Zillow.

In fact, homes in the highest price range are outperforming all other price ranges right now when it comes to new inventory on the market, a trend we’ve noted as we’ve seen more and more high-end homes hit MLS. And as we’ve stated before, they’re not just sitting there, either.

Of course, with more high-priced homes hitting the market, fewer affordable homes being listed, and more people in mid-priced properties choosing to stay put, that’s driving up the median price, too.

According to Zillow’s report, new listings are down more than 27 percent year over year, total listings are down by 6 percent for the same period, and median list price is up 0.4 percent.

At Start of July, Texas Posts Uptick in Unemployment Numbers Since

Almost 129,800 people in Texas filed unemployment claims in the first week of July — the largest increase in initial jobless claims since the week of May 16. The increases brings the total number of Texans left jobless during the pandemic to around 2.8 million according to the Real Estate Center at Texas A&M University.

Honestly, with such startling unemployment figures, it’s easy to be alarmed for our economy.

“Further waves of infections can reverse increased mobility and spending, affecting the path to recovery,” said Real Estate Center Research Associate Paige Silva. “The second wave of COVID-19 cases in Texas has already prompted a partial scaling back of the reopening and a pause in future reopening plans. 

“The rise in initial claims does not bode well for a full recovery at a time when COVID-19 cases continue to increase.”

In the Dallas-Fort Worth region, approximately 599,900 people filed for unemployment during the week of July 4.

For more information on how COVID-19 is affecting the Texas economy, check out the Real Estate Center’s continuing coverage.

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Joanna England

If Executive Editor Joanna England could house hunt forever, she absolutely would. Instead she covers the North Texas housing market and the economy for CandysDirt.com. While she started out with the Real Estate Center at Texas A&M University, Joanna's work has appeared in The Dallas Morning News as well as several local media outlets. When she's not knitting or hooping, or enjoying White Rock Lake, she's behind the lens of her camera. She lives in East Dallas with her husband, son, and their furry and feathered menagerie.

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