Shifting Trends in Katy Real Estate: Balancing Markets and Booming Luxury Sales

Katy Real Estate Market Update: August 2024 vs. August 2023

The Katy real estate market in August 2024 has shown notable shifts compared to August 2023, with varying trends in the below $800k and above $800k price points. Let’s dive into the key details to understand these changes and what they mean for buyers and sellers.

Below $800k Market

In the below $800k segment, the number of properties for sale significantly increased, jumping by 30% compared to August 2023. However, the number of homes sold in this period declined by 11.9%, signaling a potential shift in buyer behavior.

Despite the increase in inventory, the median price decreased by 4.1%, but interestingly, the average price per square foot remained stable, unchanged from the previous year. In August 2024, the average sold price in this market was $397,410, with an average price per square foot of $163.

Another important metric to note is the month supply of inventory, which reached 3 months in August 2024. This slight upward trend in inventory levels suggests the market is gradually moving towards a balanced state. While inventory is increasing, the demand remains strong enough to keep prices relatively stable despite a slight dip in the median price. This means there’s more competition for sellers, but for buyers, it presents an opportunity to explore more options without facing substantial price hikes.

Above $800k Market

The luxury segment of the Katy market, priced above $800k, experienced a more distinct trend. The number of properties for sale surged by 47.6%, a significant jump from the previous year. However, the number of sold properties only decreased by 4.2%, indicating that the demand for luxury homes remains resilient.

In contrast to the below $800k market, the median price in this segment increased by 4%, while the average price per square foot surged by 9.7%, reflecting the strong demand for higher-end properties. The average sold price for luxury homes in August 2024 was $1,122,922, with an average price per square foot of $238.

This segment's month supply of inventory was at 2.5 months, which continues to indicate a seller’s market. The upward inventory trend observed in the below $800k market is not as pronounced here, with the luxury market still moving quickly. Sellers in this price range can expect their properties to sell fast, as the demand for high-end homes in Katy remains strong.

Market Outlook

Overall, the Katy real estate market is showing signs of stabilization in the below $800k segment, while the luxury market remains robust. The increasing inventory provides more choices for buyers, particularly in the sub-$800k range, but the market remains competitive. Meanwhile, sellers in the above $800k market can still expect swift transactions and rising property values.

Whether you’re buying or selling, staying informed on these market dynamics is crucial for making the right real estate decisions in Katy. With the demand still relatively high and inventory growing, we may continue to see the market move towards a more balanced state, especially in the more affordable segments.

Feel free to reach out if you have any questions or need advice on navigating the Katy real estate market!