The Texas real estate market remained remarkably consistent in the first quarter of 2024, according to the latest Texas Quarterly Housing Report released by Texas REALTORS®. The number of homes sold during this period was nearly identical to the total in the first quarter of the previous year, indicating a stable level of activity across the Lone Star State.
One of the notable trends in the Texas housing market was the increased supply of homes on the market. Buyers now have more options to choose from, with the months of inventory rising from 2.7 months in the first quarter of 2023 to 3.8 months in the same period of 2024. While most areas still recorded inventory levels below the balanced market range of 6 to 6.5 months, this expansion in supply provides more opportunities for buyers to find their dream homes.
Median home prices in Texas also saw a modest increase, rising by 1.6% to reach $330,950 statewide. Several metropolitan areas experienced more significant gains, including Odessa (11.2%), Midland (9.5%), and Texarkana (8.5%). This steady price appreciation suggests that the Texas housing market continues to be attractive for both buyers and sellers.
Another positive indicator for the Texas real estate landscape is the reduced time homes spent on the market. Across the state, homes were on the market for two fewer days compared to the same period in 2023. While some metros saw an increase in days on market, others experienced declines, showcasing the diversity of the Texas housing market.
For buyers, this balanced market presents an opportune time to thoroughly vet properties and make informed decisions. Sellers, on the other hand, continue to benefit from stable prices compared to the previous year, allowing them to capitalize on the consistent demand for Texas real estate.
As the Texas housing market navigates this period of equilibrium, real estate professionals and homeowners alike can take comfort in the stability and the continued strength of this dynamic and ever-evolving sector of the Lone Star State’s economy.
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