Texas Housing Market Overview - November 2024
The Texas housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Texas stands at $344,100, reflecting a slight decrease of 0.3% year-over-year. Similarly, the Median List Price has also decreased by 0.3% to $351,000. Despite these declines, the market shows resilience in other areas.
One positive indicator is the increase in the median Price Per Square Foot, which has risen by 1.0% to $175. This suggests that while overall prices have slightly decreased, the value of space is appreciating. The Median List Price per square foot has seen an even more significant increase of 2.1%, reaching $185, indicating a stronger demand for quality space.
Sales activity in Texas is robust, with 23,537 Homes Sold, marking a 5.8% increase from the previous year. Pending Sales have also risen by 5.6% to 26,179, suggesting continued buyer interest. However, New Listings have decreased by 11.1% to 27,978, which could indicate a tightening supply in the market.
Inventory levels have increased by 9.5% to 111,868, providing more options for buyers. The Months of Supply have also risen significantly by 20.0% to 4.8 months, indicating a shift towards a more balanced market. Homes are spending more time on the market, with the Median Days on Market increasing by 11.0% to 58 days.
The average sale to list ratio is slightly down by 0.1%, standing at 97.0%, suggesting that homes are selling close to their list prices. The percentage of Homes Sold above list price has decreased by 2.1% to 11.3%, reflecting a more cautious buyer approach. Price Drops have increased by 0.7% to 28.5%, indicating sellers' willingness to adjust prices to meet market demands.
Finally, the percentage of homes going off the market within two weeks has decreased by 2.8% to 19.0%, suggesting a slower pace in the market compared to last year. Overall, the Texas housing market in November 2024 shows a mix of stability and adjustment, with increased sales activity and inventory, but also longer market times and slight price adjustments.
