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Q1 2024 Market Update

Texas

“I must say, as to what I have seen of Texas, it is the garden spot of the world. The best land and the best prospects for health I ever saw, and I do believe it is a fortune to any man to come here. There is a world of country here to settle.”

David Crockett said it best! There’s no place like the Lonestar State and the number of people moving here must agree. According to the United States Census Bureau, approximately 395,000 new residents move to Texas each year and the number is steadily rising. Lucky for these newcomers, there’s been a noticeable increase in the number of homes available for sale, offering buyers more options than ever.

The surge in available homes caused the months of inventory metric to rise from 2.7 months to 3.8 months. While a few areas reached balanced inventory levels, most of Texas still shows strong demand, with supply struggling to keep up.
Active listings increased by 33.7% year-over-year, and homes are selling faster, spending two fewer days on the market on average. This is good news for both buyers and sellers!

As always, the Texas housing market remains steady. Despite the many variables that an election year brings, I predict a strong Q2 and a healthy uptick in sales.

 

 

 

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Q1 Key Stats to Keep Handy

New listings
103,717
2024 Q1
Percentage Change
+10.65%
QoQ
+33%
YoY
Sold Listings
71,966
2024 Q1
Percentage Change
+1.8%
QoQ
-0.7%
YoY
Median Sale Price
$330K
2024 Q1
Percentage Change
0
QoQ
-0.38%
YoY
Months of Inventory
3.8
2024 Q1
Comparison
2.7
2023 Q1
Average Days on Market
65
2024 Q1
Comparison
33
To Close
98
Total Days

Information and statistics compiled through the Texas Association of Realtors and the Texas A&M Real Estate Research Center.

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