As 2023 came to a close, the market surged towards a comeback with closed sales down only 5% from last year, in comparison to last quarter where sales were down by 10% year over year. Now a fresh, new year is upon us. Let’s harness our positive energy and work to continue this upward trend as we dive into 2024!
We’ve been doing a supply-and-demand dance for a while. The good news? Signs of improvement are popping up as more homes are hitting the market. Q4 closed out with 3.4 months of inventory compared to 2.6 during Q4 of 2022. This positive shift promises to ease the pressure on home prices, bringing some much-needed balance.
While Texas saw a swift rise in home prices, it remains a beacon of hope for buyers in terms of affordability, especially when compared to pricier coastal markets like California and New York. The median home price is currently $300,000, marking a less than 0.5% dip from last year.
Texas’ typical home prices are 13% lower than the national average, the median rent price is $152 less than the national median, and the overall cost of living is 8% lower than the national average. This explains why around 395,000 people move to Texas each year, on average! As the old saying goes, “I wasn’t born in Texas, but I got here as fast as I could!”
Texas isn’t just a housing hotspot; our economy is also booming. We’ve been adding jobs, attracting businesses, and fostering economic growth. This powerhouse performance not only fuels housing demand but boosts consumer confidence and spending.
In other words, the stars at night (and the housing market) are big and bright … deep in the heart of Texas!
Actionable Advice for Texas Agents
Highlight Texas’s ongoing affordability, especially for first-time and investor clients.
Leverage Economic Strength
Use Texas’s robust economy as a selling point, emphasizing job growth and business opportunities.
Track Interest Rates
Paying close attention to rates as they drop (or increase) is crucial when it comes to keeping your clients well informed. Even the smallest decrease could open up new opportunities for your buyers.
Build a local presence by engaging your community and sharing your expertise. Be the local market expert!
Keep clients informed about market trends, offering insights and data that empower them to make informed decisions. When it comes to social media, remember to always provide value.