What Houston Buyers Are Pulling Off Right Now in Katy and Cypress

The market shifted while nobody was watching

Inventory in the Houston metro hit 5.7 months in early June. That's a 36% bump from last year. Median sale price slipped to around $335,000. Homes are sitting an average of 71.5 days before they go under contract.

Translation. Buyers got the upper hand back.

I'm seeing it on the ground in Katy, Cypress, and out toward Hockley. Listings that would have moved in a weekend last spring are now circling for two months. Sellers who priced based on what their neighbor got in 2022 are watching showings dry up.

What buyers are asking for and getting

A year ago, asking for $8,000 in closing cost help would get your offer thrown in the trash. Today? It's a normal conversation. Same with repair credits after inspection. In the 77084 and 77095 ZIPs, I had three deals last month where the seller picked up a fresh HVAC condenser or a new roof section to keep the buyer at the table.

Here are the concessions actually showing up on contracts right now:

• Closing cost contributions in the $5,000 to $12,000 range
• Rate buydowns funded by the seller, often a 2/1 buydown that knocks the first year payment down hard
• Repair credits instead of dragging out the option period
• Appliance packages thrown in to make a tired listing look fresh

Rates aren't moving like everyone hoped

Conventional 30 year rates have settled in the 6.37% to 6.5% area. Not the 5% number people kept waiting for in 2024. If you're sitting on the fence hoping for a dramatic rate drop, you'll miss the price softening happening right now. The math doesn't care about your feelings.

A seller paid 2/1 buydown on a $350,000 home in Cypress can drop your first year payment by roughly $400 a month. That's real. That's happening on contracts I'm writing this week.

Where the deals are actually showing up

New construction in Bridgeland, Elyson, and Sunterra is where builders are getting aggressive. National builders out here are throwing in $15,000 to $25,000 in incentives, tied to using their preferred lender. Resale homes in Jordan Ranch and Rocky Creek Estates are softer on price, but the incentives don't match what builders will do.

If you're a first time buyer in Cypress Fairbanks ISD or Katy ISD, this is the easiest market we've seen since 2019 to actually win on price.

What to do before you start touring

Get the conditional preapproval first. Not a prequalification letter that took five minutes online. A real one where a lender pulled your credit, looked at your DTI, and verified income. Sellers in this market are still picky about which offers they entertain, especially over $400K.

Pick three neighborhoods. Drive them on a Saturday morning. Hit a Sunday open house. Talk to actual neighbors before you fall for a staged kitchen.

Book a buyer consultation when you're ready to map out your offer strategy. That conversation is where buyers in this market are saving real money.