FORT BEND COUNTY – The local housing market is being driven by historically low inventory, record-low interest rates, and skyrocketing lumber and materials costs.
According to the Texas Real Estate Research Center, Fort Bend County has had less than six months of housing inventory since October 2011. The Center considers six to 6.5 months of inventory a balanced market.
However, in March and April, housing inventory reached 0.9 months with only 1,200 total listings on the market.
As housing inventory began to decline and demand increased, home prices escalated. The median sales price in Sugar Land rose from $350,000 in 2020 to $400,000 in 2021.
Similarly, the median sales price in Missouri City rose from $231,000 in 2020 to $250,000 in 2021.