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Texas Housing Market: Buyers have more choices, more time to decide

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Published  October 23, 2024 11:08am CDT
Texas
FOX 7 Austin
article

AUSTIN - Listings are taking longer to sell, so homes will need to be market-ready and priced well to attract offers, according to Jef Conn, chairman of Texas Realtors. 

The Texas Quarterly Housing Report shows that overall, the statewide median price of $340,000 was unchanged from the same quarter last year. However, in 17 metro areas, the median home sales prices were up. There were nine metro areas in the state where the median home sales price went down. 

Even areas where the median sales prices dropped the furthest saw modest declines: Austin-Round Rock-San Marcos area (-3.8%), Corpus Christi (-3.0%), and Brownsville-Harlingen (-2.6%). While the median sales price rose the most in Eagle Pass (11.4%), Sherman-Dennison (11.1%), and Texarkana (11.1%).

Texas Quarterly Housing Report: Austin-Round Rock San Marcos MSA

  • Median Price: $437,925 - Down 3.8 percent compared to same quarter last year
  • Active Listings: Up 15 percent - 11,679 in 2024 Q3
  • Closed Sales: Down 3.7 percent - 7,798 in 2024 Q3
  • Days on Market: Days on Market 65, Days to Close 35 - Total 100. 1 day more than 2023 Q3
  • Months of inventory: 4.6 compared to 4 in 2023 Q3

Texas Quarterly Housing Report: Beaumont-Port Arthur MSA

  • Median Price: $227,500 - Up 9.9 percent compared to same quarter last year
  • Active Listings: Up 41 percent - 30,046 in 2024 Q3
  • Closed Sales: Down 0.1 percent - 23,732 in 2024 Q3
  • Days on Market: Days on Market 49, Days to Close 33 - Total 82. 9 days more than 2023 Q3
  • Months of inventory: 4.1 compared to 2.8 in 2023 Q3

Texas Quarterly Housing Report: Dallas-Fort Worth-Arlington MSA

  • Median Price: $396,870 - Down 0.8 percent compared to same quarter last year
  • Active Listings: Up 24.2 percent - 1,570 in 2024 Q3
  • Closed Sales: Down 11.5 percent - 860 in 2024 Q3
  • Days on Market: Days on Market 56, Days to Close 34 - Total 90. 1 day less than 2023 Q3
  • Months of inventory: 5.7 compared to 4.1 in 2023 Q3

Texas Quarterly Housing Report: Houston-Pasadena-The Woodlands MSA

  • Median Price: $340,000 - Up 1.5 percent compared to same quarter last year
  • Active Listings: Up 30.9 percent - 30,889 in 2024 Q3
  • Closed Sales: Down 4.1 percent - 22,040 in 2024 Q3
  • Days on Market: Days on Market 47, Days to Close 35 - Total 82. 5 more day than 2023 Q3
  • Months of inventory: 4.4 compared to 3.3 in 2023 Q3

"Lower interest rates have made buyers and sellers more comfortable with entering the market," said Conn. "With more favorable financing options, buyers in many markets seem more willing to look, and sellers are more interested in making their properties available."

Active listings increased by 30.4 percent statewide over the same period last year and were up in every metro except Odessa (-2.1%). The most dramatic increase was in Texarkana (124.9%), followed by Brownsville-Harlingen (60.4%), San Angelo (58.8%), and Sherman-Dennison (51%).

Statewide, closed sales were down 2.2 percent compared to the third quarter last year. The nine metros that saw gains were up less than 2 percent, except Victoria (6.7%). Of the 17 metros that saw declines, sales went down the most in Texarkana (-25.7%).

Houses in Texas stayed on the market an average of seven days longer in Q3 2024 than during the same quarter last year. All but three metros had increases in time spent on the market. The largest decrease was in Eagle Pass, which was down 32 days.

Months of inventory, or how long it would take the existing homes on the market to sell at the current rate of sales, was 4.8 statewide, which is an increase from 3.6 months during the same period last year. Four to five months of inventory generally indicates a market balanced between supply and demand, according to analysts at the Texas Real Estate Research Center. Every metro area reported a rise in months of inventory.

"Buyers generally have more choices and a little more time to make decisions than a few years ago. Whether buying or selling, your best resource for navigating the housing market and making the most of your situation is a Texas Realtor," said Conn.