Is Southwest, TX a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southwest has remained a Seller's Market.
Key Takeaway
Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southwest, TX
How much do homes in Southwest, TX cost?
Median Sold Price
$278,569
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southwest have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Southwest was $278,569 in May 2024, up 3.4% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112.5K | $110K | -2.2% |
| 2 Bedrooms | $150.7K | $156.2K | +3.6% |
| 3 Bedrooms | $285K | $295.7K | +3.8% |
| 4 Bedrooms | $371K | $359.6K | -3.1% |
| 5+ Bedrooms | $672.5K | $764.5K | +13.7% |
Summary: Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.2%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes increased by 13.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Southwest | $269.5K | $278.5K | +3.4% |
| Corinthian Pointe | $259.9K | $260K | 0.0% |
| Willow Meadows | $447.5K | $445K | -0.6% |
| Willow Meadows / Willowbend Area | $360K | $350K | -2.8% |
Housing Supply in Southwest, TX
How many homes are available in Southwest, TX?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 711 | 837 | +17.7% |
Summary: The Southwest real estate market had 837 homes for sale in May 2024, a 17.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 46 | 50 | +8.7% |
| 2 Bedrooms | 112 | 129 | +15.2% |
| 3 Bedrooms | 331 | 414 | +25.1% |
| 4 Bedrooms | 179 | 190 | +6.1% |
| 5+ Bedrooms | 43 | 54 | +25.6% |
Summary: The Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 25.1%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 25.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 163 | 180 | +10.4% |
Asking Price vs. Sold Price
114 Homes Were Sold
Under Asking
34 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you may be able to get a good deal. 63.3% of homes here sold below asking price last month.
Summary: A total of 180 homes were sold or pending in Southwest in May 2024, up by 10.4% month-over-month. Of the 180 sold homes, 63% were sold under asking, 19% were sold at asking, and 18% were sold over asking.
Days on Market for Southwest, TX
How long does it take to sell a home in Southwest, TX?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 29 Days | 32 Days | +8.5% |
Summary: Homes in Southwest had an average of 32 days on market in May 2024, up by 8.5% compared to last year.
Breakdown of Home Sale Times
114 Homes Were Sold
Under 30 Days
51 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 180 homes were sold in Southwest; 63% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Disclaimer: The MLS data is provided exclusively to Participants or Subscribers for display on their website solely for consumers’ personal, non-commercial use, that the MLS data may not be used for any purpose other than to display prospective properties consumers may be interested in purchasing or leasing. Information contained on the computer print-outs of the Multiple Listing Service (MLS) of the HOUSTON REALTORS® INFORMATION SERVICE (HRIS) is furnished by MLS Participants for dissemination to other MLS Participants, for their exclusive use, and should not be relied upon by Buyer/Tenant or any other person. There is no express or implied warranty by HRIS or MLS as to the accuracy of such information, which should be independently verified by Buyer/Tenant or such other person. MLS does not verify the information and disclaims any responsibility for its accuracy. Any estimate of value was prepared using automated processes and should not be considered a comparative market analysis (CMA) or appraisal. You may contact us to provide additional information and analysis for a more accurate estimate of the property's value. Digital images modified or enhanced to alter real property characteristics contain a visible and legible watermark across the bottom of the image “Image does not represent actual property as is”.