Katy TX Housing Market Statistics

Katy, TX Real Estate Market Statistics for February 2023

(Housing data obtained from the Houston Association of REALTORS®)

There were 1,808 active listings in Katy, Texas, at the end of February 2023, a reduction from the previous month's total of 1,861 listings. In comparison, there were 852 active listings in February 2022, an increase of 112% year over year in active listings. 

The median selling price of a home in Katy for February 2023 was $284,408, while the median listing price was $300,000. The median sales price has decreased by 8.54% from $310,990 in February 2022.

On average, homes that closed during the month sold for 97.2% of the original listing price. So home buyers should anticipate that the listing price will reasonably represent what they can expect to pay. Nonetheless, given the rising number of active listings, sellers will undoubtedly continue to face some pricing pressure. 

Katy is still very popular compared to other Houston suburbs, even though there are significantly more active listings than just a year ago. The average days on the market remain relatively unchanged from last month, with homes spending only 27 days on the market.

Currently, the market has roughly 2.2 months' worth of inventory available. Given the comparatively rapid pace of the market in the preceding two years, four to six months of inventory typically implies a balanced real estate market; hence, the current market is still regarded as a seller's market, even if it may not feel that way to some sellers. That metric is critical to remember if you're house-hunting or thinking about selling your Katy, TX, home.

What to Expect from the Katy, TX Real Estate Market in the Coming Months

Despite current economic pressures, Katy remains desirable for homebuyers because of its popular schools, convenient location to I-10 and the Energy Corridor, and abundant local amenities. As the housing market in Houston continues to expand, Katy is likely to remain one of the more popular suburbs to buy a home in the Houston metro area.

Sellers should expect increased pressure on pricing and negotiation when selling a home due to economic and inventory levels and should be prepared to be more competitively priced to generate more buyer interest. However, given the low days on the market, we believe the market will stay strong and active over the next few months, which will continue to help sellers.

Stay Up-to-Date on the Katy, TX Real Estate Market With Texas Real Estate Source

The real estate market is constantly evolving, making it challenging to stay current. To learn about recent real estate market developments. By obtaining a free market analysis from Texas Real Estate Source, you can obtain an accurate estimation of your home's value and make knowledgeable decisions. Whether you're looking to buy or sell a property, staying up-to-date on the real estate market trends is crucial for success.