The number of homes sold in the first quarter of 2024 was almost identical to the total in the first quarter of the previous year, according to the Texas Quarterly Housing Report published by Texas Realtors.
The supply of homes on the market increased, while the statewide median price of $330,950 was 1.6% higher than in 2023.
“Market conditions vary by location, and about forty percent of Texas metropolitan areas experienced an increase in sales compared to the first quarter of last year,” said Jef Conn, president of Texas Realtors.
However, the number of listed homes increased in almost the entire southern state, which “will give many buyers more options than they had in recent years,” Conn added.
Average prices showed an increase. The highest increase in median prices occurred in Odessa (11.2%), Midland (9.5%), and Texarkana (8.5%).
Months of inventory increased from 2.7 months at the end of the first quarter of last year to 3.8 months at the end of the first quarter of this year. Additionally, active listings increased by 33.7% at the end of the first quarter compared to the end of the first quarter of 2023, the report adds. Homes spent two fewer days on the market statewide compared to the same period last year.
Opportunities for Buyers and Sellers
While during the pandemic, buyers rushed, trying to compete with many other offers, currently, most buyers have a bit more time to examine properties and make an offer.
Although interest rates have remained steady, there are good opportunities for buyers, and for sellers, prices have remained consistent compared to last year, “indicating good opportunities to sell no matter which side of the home sale you are on,” concluded Conn.
