More competition in home listings hasn't shifted prices, Texas Realtors report
AUSTIN (KXAN) — The median price to buy a Texas home hasn't changed since last year, according to a Texas REALTORS report, despite a 30.4% jump in listings over the third quarter of 2023.
The report, released Tuesday, states that Texas' median home price in Q3 2024 is $340,000.
Home prices in the Austin-Round Rock-San Marcos metropolitan statistical area saw a slight drop of 3.8%, but the median home likely remains out of reach for most residents at $437,925.
However, the number of active listings isn't the only year-over-year change for Texas housing. Closed sales are down 2.2% and listings now take a week longer to close. Months of inventory, an important metric for understanding a housing market, grew by 1.2 months.
"Four to five months of inventory generally indicates a market balanced between supply and demand," said the trade group in a press release, citing Texas A&M's Texas Real Estate Research Center.
Per the report, which uses data from local realtor associations, months of inventory have steadily increased in all metros over the past year.
In the Austin-Round Rock-San Marcos MSA, just 0.6 months were added since last year, and local listings are up 15%. Austin-area apartment units have also increased since 2023, which may be the cause of a 7% drop in Austin rent prices.
Days on market only increased by a day, hitting an average of 100 days until closing -- 10 days longer than the state average.
"We have seen listings taking longer to sell, so homes need to be market-ready and priced well in order to attract an offer," said Texas REALTORS chair Jef Conn. "Buyers generally have more choices and a little more time to make decisions than a few years ago."