Texas Housing Market Analysis - September 2024
The Texas housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Texas stands at $344,600, reflecting a slight decrease of 1.2% compared to the previous year. This decline in sales price is mirrored by the median Price Per Square Foot, which also saw a 1.2% decrease, now at $178.00.
Conversely, the Median List Price has increased by 1.2% year-over-year, reaching $359,900. Similarly, the Median List Price per square foot has risen by 2.3%, now at $188.00. These figures suggest a divergence between seller expectations and actual sale outcomes, potentially indicating a more competitive market environment.
In terms of sales activity, the number of Homes Sold in Texas has decreased by 1.6% year-over-year, with 24,634 Homes Sold in September 2024. However, Pending Sales have increased by 4.8%, totaling 29,477, which may indicate a future uptick in closed sales. New Listings have remained relatively stable, with a slight decrease of 0.2%, amounting to 34,198 New Listings.
The Inventory of Homes Available for sale has seen a significant increase of 16.1%, reaching 113,452. This rise in inventory is accompanied by a substantial 70.0% increase in the Months of Supply, now at 4.60 months. These figures suggest that buyers may have more options to choose from, potentially leading to longer decision-making times.
The Median Days on Market for homes in Texas has increased by 11.0%, now averaging 54 days. This extended time on the market may be a result of the increased inventory and the gap between list and sale prices. The average sale to list ratio has slightly decreased by 0.5%, now at 97.1%, indicating that homes are selling for slightly less than their listed prices.
The percentage of Homes Sold above list price has decreased by 3.4%, now at 11.6%. This decline, coupled with a marginal increase of 0.1% in Price Drops, now at 34.0%, suggests that sellers may be adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.8%, now at 21.1%, further indicating a slower market pace.
Overall, the Texas housing market in September 2024 is characterized by a mix of declining sales prices and increasing inventory, with some positive indicators in Pending Sales. Buyers may find more opportunities with the increased inventory, while sellers may need to adjust pricing strategies to align with market conditions.
