Median home sales prices in Texas showed varied trends across different metro areas during the third quarter of 2024, as reported by Texas REALTORS®. The statewide median price remained steady at $340,000 compared to the same period last year. However, there were notable changes in specific regions. Increases were observed in 17 metro areas, while nine saw declines.
Among the metros with price drops, Austin-Round Rock-San Marcos experienced a decrease of 3.8%, Corpus Christi fell by 3.0%, and Brownsville-Harlingen declined by 2.6%. Conversely, Eagle Pass saw an increase of 11.4%, Sherman-Dennison rose by 11.1%, and Texarkana also increased by 11.1%.
"Lower interest rates have made buyers and sellers more comfortable with entering the market," said Jef Conn, chairman of Texas REALTORS®. "With more favorable financing options, buyers in many markets seem more willing to look, and sellers are more interested in making their properties available."
The report highlighted a significant rise in active listings statewide, which went up by 30.4% compared to last year. Only Odessa saw a decline in listings at -2.1%. Texarkana had the most substantial increase at 124.9%, followed by Brownsville-Harlingen (60.4%), San Angelo (58.8%), and Sherman-Dennison (51%).
Statewide closed sales decreased by 2.2% from the previous year’s third quarter figures. While nine metros experienced gains under 2%, Victoria stood out with a growth of 6.7%. On the other hand, Texarkana faced a significant drop of -25.7%.
The average time houses stayed on the market extended by seven days across Texas compared to last year’s third quarter figures, with only three metros seeing reductions in this metric.
Months of inventory rose to 4.8 months from last year's figure of 3.6 months statewide, suggesting a balanced market between supply and demand according to analysts at the Texas Real Estate Research Center.
"We have seen listings taking longer to sell," Conn noted. "Homes need to be market-ready and priced well in order to attract an offer." He added that buyers now generally have more choices and time for decision-making than they did a few years ago.
Conn emphasized that whether buying or selling, consulting a Texas REALTOR® is essential for navigating the housing market effectively.
