Texas Realtors: Median home prices stable, though most metros see increases

AUSTIN – Median home sales prices were up in 17 Texas metro areas and down in nine during the third quarter, while the overall statewide median price of $340,000 was unchanged from the same quarter last year, according to Texas Realtors’ 3Q2024 Texas Quarterly Housing Report.

Even areas where the median sales prices dropped furthest saw modest declines: Austin-Round Rock-San Marcos area (-3.8 percent), Corpus Christi (-3 percent), and Brownsville-Harlingen (-2.6 percent). The median sales price rose the most in Eagle Pass (11.4 percent), Sherman-Denison (11.1 percent), and Texarkana (11.1 percent).

Active listings increased by 30.4 percent statewide over the same period last year and were up in every metro except Odessa (-2.1 percent). The most dramatic increase was in Texarkana (124.9 percent), followed by Brownsville-Harlingen (60.4 percent), San Angelo (58.8 percent), and Sherman-Denison (51 percent).

Statewide, closed sales were down 2.2 percent from third quarter last year. The nine metros that saw gains were up less than 2 percent, except Victoria (6.7 percent). Of the 17 metros that saw declines, sales went down the most in Texarkana (-25.7 percent).

Houses in Texas stayed on the market an average of seven days longer in 3Q2024 than during the same quarter last year. All but three metros had increases to time spent on the market. The largest decrease was in Eagle Pass, which was down 32 days.

Months of inventory, or how long it would take the existing homes on the market to sell at the current rate of sales, was 4.8 statewide, which is an increase from 3.6 months during the same period last year. Four to five months of inventory generally indicates a market balanced between supply and demand, according to analysts at the Texas Real Estate Research Center. Every metro area reported a rise in months of inventory.

For more Texas housing market analysis, read TRERC’s latest Texas Housing Insight report and monthly MSA housing reports.