Cy-Fair housing prices remain high due to low inventory, rising mortgage rates

With insufficient inventory in the single-family housing market and an influx of buyers, Cy-Fair’s average home price increased nearly $120,000 from the start of the COVID-19 pandemic in March 2020 to this April, according to data from the Texas Real Estate Research Center.

Tara Hall, a local Realtor with Keller Williams Professionals Houston, said the seller’s market—defined by low supply meeting high demand—is expected to continue. While activity has slowed some since earlier in the pandemic due to rising interest rates, demand remains high locally, she said.

“There’s a lot of people that seem to think it’s going to be quote-unquote shifting, but it will not be shifting anytime soon,” Hall said. “What we’re seeing is an evolution of the market because the interest rates have gone up a couple of points since the beginning of the year, so instead of seeing, let’s say, 40 offers on a house, you may see 20. Or you may see some houses…

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