#United States #Texas #Texas REALTORS #Home Sales #property market

Texas Home Market Shows Steady Growth in 2024

In 2024, the Texas real estate market demonstrated stability, with only minor fluctuations in sales and prices, according to the recently released 2024 Texas Real Estate Year in Review report. Issued by the Texas REALTORS®, this report highlights the changes in the housing landscape across the state.

As of 2024, the overall number of homes available for sale rose significantly, allowing buyers to explore more options across various regions. Many markets reported a rise in listing numbers and average days on the market, enhancing consumer choices.

Home Sales and Prices

Data indicated that while the number of homes sold increased in 14 areas, it decreased in 12, showing a balance of market activity. The most substantial increase was noted in the Lubbock metro area, which experienced a rise of 4.3%, whereas the Beaumont-Port Arthur region saw a decline of 6.8%. Overall, the state recorded a slight uptick of 0.7% in home sales.

The median home price statewide also inched up by 1.2%. Among different markets, Odessa experienced the highest surge in home prices, soaring by 11%, whereas the Austin-Round Rock-San Marcos region recorded a minor dip of 2.2%. Despite this setback, the median price for homes in Austin remains the highest in Texas, standing at $440,000, while Wichita Falls reported the lowest median price at $195,000.

Interestingly, the price per square foot for Texas homes saw a marginal increase of 0.7%, with higher prices reported in 22 markets, and declines in only four, reflecting an overall positive trend since 2017, where prices have risen by more than 50%.

According to Christy Gessler, Chairman of Texas REALTORS®, the post-pandemic period saw many buyers remaining hesitant due to elevated home prices, even as interest rates stabilized at higher levels compared to the historic lows seen previously. Inflation challenges have further contributed to keeping many potential buyers on the sidelines in 2024.

Increased Home Availability

The report also highlighted an increase in the available months of inventory—a crucial marker indicating market balance. The average inventory period in Texas rose to 4.1 months, compared to 3.4 months in 2023. This suggests that buyers now have a more favorable market, where four to five months of inventory signals a balance between supply and demand. Notably, all markets experienced increases in inventory except for Odessa and Victoria, which remained the same.

Toward the end of 2024, the overall number of active listings saw a statewide increase of 30.5%, with all areas reporting growth in available homes, supplementing buyer choices significantly.

In this evolving landscape, Texas REALTORS® continue to strive for expanding homeownership opportunities. Gessler emphasized their commitment to assisting clients throughout the home buying and selling processes, ensuring homes are accessible to a diverse range of buyers.

About the Data

The Texas Real Estate Year in Review Report aggregates data from numerous local Realtor associations as well as Multiple Listing Services (MLS) and involves a thorough analysis conducted by the Texas Real Estate Research Center. Mortgage interest rate insights are sourced from Freddie Mac, amplifying the report's credibility. The findings provide an annual overview of real estate transactions statewide, along with regional insights into 26 metropolitan statistical areas.

As the Texas housing market continues to adapt, it remains a focal point for buyers looking for diverse opportunities in homeownership, setting a positive outlook for the competitive real estate landscape in the coming years.