Texas Median Home Prices Remain Stable, Though Most Metros See Increases

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Oct 22, 2024, 08:34 ET

Listings are up 30.4%, according to the 2024 Q3 Texas Quarterly Housing Report from Texas REALTORS^®

AUSTIN, Texas, Oct. 22, 2024 /PRNewswire/ -- Median home sales prices were up in 17 Texas metro areas and down in nine during the third quarter, while the overall statewide median price of $340,000 was unchanged from the same quarter last year, according to the 2024 Q3 Texas Quarterly Housing Report released today by Texas Realtors. Even areas where the median sales prices dropped furthest saw modest declines: Austin-Round Rock-San Marcos area (-3.8%), Corpus Christi (-3.0%), and Brownsville-Harlingen (-2.6%). While median sales price rose the most in Eagle Pass (11.4%), Sherman-Dennison (11.1%), and Texarkana (11.1%).

"Lower interest rates have made buyers and sellers more comfortable with entering the market," said Jef Conn, chairman of Texas Realtors. "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% 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% compared to the third quarter last year. The nine metros that saw gains were up less than 2%, 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 to 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.

"We have seen listings taking longer to sell, so homes need to be market-ready and priced well in order to attract an offer," said Conn. "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."

About Texas REALTORS^®

With more than 150,000 members, Texas REALTORS^® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS^® and private property rights in Texas.

About the Texas Quarterly Housing Report

Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR^® associations and their MLSs, and Texas REALTORS^®, with analysis by the Texas Real Estate Research Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 26 metropolitan statistical areas in the state. The Texas Real Estate Year-in-Review Report in February is released in lieu of the Q4 report each year.

CONTACT: David Gibbs, [email protected]

SOURCE Texas Realtors