Texas median home prices remain stable

Austin/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 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," Jef Conn, chairman of Texas Realtors, said. "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 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 balance 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," Conn said. "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."

SOURCE Texas Realtors