Conroe-Montgomery Home Sales Surge in December

CONROE, TX – Home sales in the Conroe and Montgomery areas surged dramatically in December, providing a robust close to 2023 and signaling a potential rebound in buyer activity as the year wrapped up. The combined Conroe-Montgomery market recorded a substantial 34.8% increase in home sales compared to December 2022, with a total of 500 homes changing hands last month, up from 371 the previous year.

This strong performance reflects a renewed confidence among homebuyers, according to local real estate experts. “We definitely saw buyers returning to the market in force as 2023 drew to a close,” said Sarah Jenkins, President of the Conroe-Montgomery Area Association of Realtors. “The slight stabilization, and even some dips, in mortgage interest rates late in the year encouraged a lot of folks who had been waiting on the sidelines to finally make a move. Plus, the Conroe and Montgomery areas continue to be incredibly attractive for their quality of life, schools, and relative affordability compared to other parts of the Greater Houston metroplex.”

Breaking down the December figures, Conroe led the volume increase with a 35.8% rise, selling 308 homes in December 2023 compared to 227 in December 2022. Montgomery wasn’t far behind, experiencing a 33.3% increase, tallying 192 sales last December versus 144 in the same month a year prior.

Despite the significant jump in sales volume, home prices remained relatively stable, offering some relief to buyers. The median home price for the overall Conroe-Montgomery area saw a marginal 0.3% increase, reaching $360,000 in December 2023 from $358,900 a year prior. Conroe’s median price increased 2.9% to $355,000 in December 2023, up from $345,000. Montgomery saw a smaller 1.3% rise, reaching $395,000 last December compared to $390,000 in December 2022.

“The stable median prices are a key factor,” Jenkins noted. “It means buyers weren’t seeing runaway appreciation, making their purchasing power go further, especially with fluctuating rates. This balance of increased sales and stable pricing points to a healthier, more sustainable market.”

Homes did spend a bit more time on the market in December 2023. The average home in the combined area was listed for 65 days, an increase from 55 days in December 2022. Conroe homes averaged 62 days on market (up from 54), and Montgomery homes took 72 days (up from 58). This suggests that while demand was up, buyers were still taking their time to find the right property.

The total sales volume for the Conroe-Montgomery area soared by 38.3% year over year in December, reaching an impressive $216.3 million. This substantial increase in dollar volume further underscores the momentum gained at the close of 2023.

Looking at the full year, a total of 6,477 homes were sold across the Conroe-Montgomery area in 2023. Conroe accounted for 4,054 of those sales, with Montgomery making up the remaining 2,423. The housing inventory also saw a slight growth, with the combined area having a 3.8 months supply in December 2023, up from 2.9 months in December 2022. A balanced market is typically considered to have a 6-month supply.

“While inventory is still relatively tight, the increase signals more choices for buyers, which is always a positive,” added Jenkins. “With Conroe consistently ranking among the fastest-growing cities in the nation and the ongoing development in both communities, we anticipate continued strong demand. If interest rates continue to stabilize or even see further modest declines, we expect a very active spring selling season in 2024.”

The Conroe-Montgomery area continues to benefit from its strategic location north of Houston, offering a blend of suburban living, access to Lake Conroe, and a growing job market, all contributing to its enduring appeal for homebuyers.

Data for this report is typically sourced from the Multiple Listing Service (MLS) provided by the Houston Association of Realtors (HAR) and its local affiliates.