The Sugar Land real estate market is constantly changing. The way we determine the type of real estate market we’re in (Buyer’s Market vs. Seller’s Market) is based on the amount of inventory (homes available for sale) currently available. Six months of inventory is considered “equilibrium”–neither a Seller’s or Buyer’s Market. A Buyer’s Market is considered to be 7 months or more of inventory. This is where the demand for homes is somewhat less than the supply of homes…and where Buyers may have more “say” over house prices than Sellers. A Seller’s Market is considered to be 5 months or less of inventory. This is where the demand for homes is somewhat greater than the supply of homes…and where Sellers may have more “say” over house prices than Buyers.
Sugar Land is located in Fort Bend County which generally stays in a Seller’s market:
The Sugar Land TX area is large and so it is divided into two parts…
NOTE: Actually it has four parts but there is currently only data for two of them, as shown below.
South Sugar Land TX
The area south of I59 and West of Hwy 6 is what we refer to as South Sugar Land. Currently (March 2018) the average price home is approximately $470,000 and there is 5.6 months of inventory available (equal/balanced market). The majority of homes sold is in the $400-500K price range.
West Sugar Land TX
The area north of I59 and West of Hwy 6 is what we refer to as West Sugar Land. Currently (March 2018) the average price home is approximately $345,000 and there is only 4.0 months of inventory available (Seller’s market). The majority of homes sold is in the $300-400K price range.
If you are planning to buy a home in Sugar Land right now, you should get PRE-APPROVED (not just pre-qualified) through a reputable local lender (not a big, national bank) and be ready to show Proof of Funds (as in, copies of bank statements showing the balance).
A pre-approved buyer has already submitted W-2s, tax statements, bank statements, etc. to the lender and the lender has actually verified employment, assets, etc. The lender will provide a letter stating this fact.
When a Seller has to choose between multiple offers, the seller will often choose the buyer who has already obtained pre-approval. And often times, that seller will prefer a local lender who can Close faster (within six weeks) over a large, national lender who may take eight weeks or longer to Close.
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Broker: Keller Williams Southwest
1650 Highway 6, #350 (Map)
Sugar Land , TX 77478
Phone: (832) 779-2890