2024 Texas Housing Market Sees Increased Choices for Buyers
Growing Options for Homebuyers in Texas
According to a recent report from Texas REALTORS, the housing market in Texas has experienced steady sales and prices in 2024 compared to the previous year. This favorable trend allows buyers to explore a myriad of choices, as the number of listings has increased significantly, making homes more accessible to those looking to purchase.
Sales Trends and Price Adjustments
In 2024, a total of 14 markets showed an increase in home sales, while 12 markets recorded a decline. The changes were relatively modest, with the Lubbock metro area seeing the highest increase at 4.3%. Conversely, the Beaumont-Port Arthur area experienced the greatest drop at 6.8%. On a statewide scale, home sales witnessed a slight increase of 0.7%.
Median Home Prices on the Rise
The median home price across Texas saw an increase of 1.2%. Noteworthy fluctuations included Odessa, which surged by 11%, while the Austin-Round Rock-San Marcos area experienced a 2.2% dip. Despite this decline, homes in the Austin market remain the most expensive in the state, with a median price of $440,000, while Wichita Falls reported the lowest median home price at $195,000.
Price Per Square Foot Trends
Alongside these price changes, the median price per square foot of Texas homes also inched up by 0.7%, indicating a continued appreciation in value. Out of the markets surveyed, 22 reported increases while 4 showed decreases, highlighting a general upward trend overall, as the price per square foot has risen by 50.9% since 2017.
Stabilizing Conditions for Buyers
“After the pandemic, many prospective buyers have been cautious in 2024 as home prices continue to be on the higher side,” stated Christy Gessler, Chairman of Texas REALTORS. “Although interest rates have stabilized, they are still elevated compared to the historic lows of prior years, compounded by inflation, which has further restricted access to the housing market.”
Increase in Home Availability
The months of inventory in Texas, which measures how long existing homes would last at the current sales rate, has risen to 4.1, compared to 3.4 in 2023. A balanced market is generally indicated by a range of 4 to 5 months of inventory, as noted by analysts. Except for two areas—Victoria and Odessa—each market expressed a clear increase in the months of inventory available.
By the end of 2024, there was a substantial statewide increase of 30.5% in active home listings, suggesting that buyers have more options than they did in the previous year, with all markets except Odessa reporting this growth.
Texas REALTORS Commitment to Homeownership
“Texas REALTORS are dedicated to enhancing homeownership opportunities,” Gessler emphasized. “Our members are enthusiastic about assisting clients throughout every stage of the homebuying and selling journey.”
Insights from Texas Real Estate Reports
The Texas Real Estate Year in Review report collects data from a wide network formed by local Realtor associations and their MLSs, along with contributions from Texas REALTORS. This annual report continues to analyze real estate sales data across Texas, ensuring transparency and accessibility to information for consumers and industry professionals alike.
About Texas REALTORS
With a robust membership of over 150,000, Texas REALTORS plays a crucial role in representing the interests of real estate professionals across the state. Their advocacy stretches to promoting private property rights and ensuring that REALTORS have the support they need to navigate the complex landscape of real estate transactions.
Frequently Asked Questions
1. What are the main trends in Texas housing for 2024?
Texas housing in 2024 has seen slight increases in both home sales and prices, along with a significant rise in available listings, providing buyers with more options.
2. How did median home prices change in Texas?
Median home prices across Texas rose by 1.2%, with notable increases in certain areas like Odessa, while others like Austin saw slight declines.
3. What influenced the homebuying market in Texas?
Stabilizing interest rates and inflation have made many buyers cautious, with some waiting on the sidelines before making purchases.
4. How is housing availability affecting the market?
Increased months of inventory and active listings have created a more balanced market in Texas, giving buyers more choices.
5. What resources does Texas REALTORS provide?
Texas REALTORS represents over 150,000 members and offers support and advocacy for real estate professionals, aiding in the homebuying and selling process.
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