2024 News Archive

Throughout 1Q24 the Houston Land market continued to be active with a healthy slate of development projects. Most of these projects are single-family residential projects and several are large, master-planned, mixed-use developments. As a result, single family home sales rose from 7,256 in March of 2023 to 7,926 in March of 2024. The inventory in Houston's housing market remains tight, but is gradually increasing towards more balanced levels. As of early 2024, the housing inventory stands at about 3.3 months, which is an improvement compared to the extremely low levels from previous years. These statistics indicate we are still in a seller's market.

Houston's retail market is making waves nationally in 2024, ranking third for the addition of new retail space. With a pre-leasing rate surpassing 70%, Houston is on track to outpace new supply with net absorption. This positions the metro to be the largest in the U.S. to see a reduction in retail space availability this year, driven primarily by the performance of its eastern half. Furthermore, the availability rate for smaller freestanding properties, specifically those under 5,000 square feet, stands at just 3.5% in 1Q24.