November 2024 Texas Real Estate Market Update

The Texas real estate market in November 2024 continues to show growth and resilience, despite seasonal slowdowns often associated with the holidays. Here’s an in-depth look at the latest trends and stats that define the market this month:

Key Highlights

  • Median Price: The median home price rose to $333,000, a 2.5% year-over-year (YoY) increase. This steady appreciation reflects sustained demand across the state.
  • Closed Sales: 24,891 homes were sold, marking a significant 8.8% YoY increase.
  • Active Listings: The inventory saw a sharp rise to 126,437 active listings, up by 25.4% YoY. With 4.6 months of inventory available, buyers have more options compared to the tight market conditions of previous years.
  • Days on Market: Homes stayed on the market for an average of 63 days, which is 8 days longer than November 2023. This slight cooling aligns with increasing inventory levels.

Market Trends

  1. Balanced Market Emerging: The increase in inventory and extended days on market indicate a gradual shift toward a balanced market. While sellers are seeing competitive offers, buyers now have more leverage and time to evaluate their options.

  2. Price Segmentation:

    • The most active price range was $100,000–$199,000, representing 27.7% of all transactions.
    • Homes priced between $200,000–$299,000 followed closely, contributing 24.3% of sales.
    • Luxury homes over $1 million accounted for a smaller share at 4.0%, though demand in this segment remains steady.

  3. Valuation Metrics:

    • The median price per square foot increased slightly to $173.17 (up 0.7% YoY), indicating stable property value appreciation.
    • The typical home sold was built in 2007 and measured around 1,953 square feet.

Opportunities for Both Buyers and Sellers

  • For Buyers: With more inventory on the market, now is an excellent time to shop for homes. Extended days on market may offer opportunities to negotiate better deals, especially in higher price ranges.

  • For Sellers: While competition is rising, well-priced homes in desirable areas are still moving quickly. Pricing competitively and ensuring your home is market-ready can help you stand out in this shifting landscape.

Texas real estate continues to thrive, showcasing the state’s robust housing market fundamentals. Whether you're buying or selling, this season brings opportunities to make informed decisions in a market that is steadily moving toward balance.

Thinking about your next move? Contact me to discuss your real estate goals today!

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