Texas housing market: Buyers have more choice and more time to decide

AUSTIN – According to Jef Conn, president of Texas Realtors, listings take longer to sell, so homes must be market-ready and priced to attract offers.

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

Even areas where average sales prices fell the most saw slight declines: Austin-Round Rock-San Marcos Area (-3.8%), Corpus Christi (-3.0%) and Brownsville-Harlingen (-2.6 %). While the median sales price increased 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 – 3.8 percent less than in the same quarter last year
• Active Listings: Up 15 percent – ​​11,679 in Q3 2024
• Completed Sales: Decrease 3.7 percent – ​​7,798 in Q3 2024
• Days on Market: Days on Market 65, Days to Close 35 – 100 total. 1 day more than 2023 Q3
• Inventory in months: 4.6 compared to 4 in Q3 2023

Texas Quarterly Housing Report: Beaumont-Port Arthur MSA

• Median price: $227,500 – 9.9 percent more than in the same quarter last year
• Active Listings: Up 41 percent – ​​30,046 in Q3 2024
• Completed Sales: Decrease 0.1 percent – ​​23,732 in Q3 2024
• Days on Market: Days on Market 49, Days to Close 33 – 82 total. 9 days more than Q3 2023
• Inventory in months: 4.1 compared to 2.8 in Q3 2023

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

• Median price: $396,870 – 0.8 percent less than in the same quarter last year
• Active Listings: Up 24.2 percent – ​​1,570 in Q3 2024
• Completed Sales: Down 11.5 percent – ​​860 in Q3 2024
• Days on Market: Days on Market 56, Days to Close 34 – 90 total. 1 day less than Q3 2023
• Inventory in months: 5.7 compared to 4.1 in Q3 2023

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

• Median price: $340,000 – 1.5 percent more than in the same quarter last year
• Active Listings: Up 30.9 percent – ​​30,889 in Q3 2024
• Completed Sales: Down 4.1 percent – ​​22,040 in Q3 2024
• Days on Market: Days on Market 47, Days to Close 35 – 82 total. 5 days more than Q3 2023
• Inventory in months: 4.4 compared to 3.3 in Q3 2023

“Lower interest rates have made it easier for buyers and sellers to enter the market,” Conn said. “With more affordable financing options, buyers in many markets appear to be more willing to look and sellers more interested in making their properties available.”

Active listings increased 30.4 percent nationwide compared to the same period last year and increased in all metropolitan areas 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%).

Nationwide, closed sales fell 2.2 percent compared to the third quarter of last year. The nine metropolitan areas that recorded increases recorded an increase of less than 2 per cent, with the exception of Victoria (6.7%). Of the 17 metros that saw declines, sales fell the most in Texarkana (-25.7%).

Texas homes stayed on the market an average of seven days longer in the third quarter of 2024 than in the same quarter last year. All but three metros saw an increase in time spent in market. The largest decline was in Eagle Pass, where the decline was 32 days.

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

“Buyers generally have more choice and a little more time to make decisions than they did a few years ago. Whether buying or selling, the best resource for navigating the real estate market and making the most of your situation is a Texas real estate agent,” Conn said.