Greater Home Availability Gave Texas Buyers More Choices in 2024

New Texas REALTORS® report shows home sales and prices saw little change from 2023

AUSTIN, Texas, March 6, 2025 /PRNewswire/ -- Texas home sales and prices remained steady in 2024, with small overall increases, according to the 2024 Texas Real Estate Year in Review report released today by Texas REALTORS^®. The number of listings and average days on the market increased significantly, giving buyers in many markets more properties to consider.

Sales and prices inch up

The number of homes sold was up in 14 markets and down in 12. Differences were generally modest in both directions. The highest gain was 4.3% in the Lubbock metro area, while the greatest decline was 6.8% in Beaumont-Port Arthur. Statewide, there was a marginal increase (0.7%) in home sales.

The statewide median home price increased 1.2%, with 20 markets up, 4 markets down, and 2 flat. The highest gain was in Odessa (up 11%), while the largest dip was in Austin-Round Rock-San Marcos (down 2.2%). Homes in Austin-Round Rock-San Marcos were still the most expensive in the state, with a median price of $440,000. The lowest median home price was $195,000 in Wichita Falls.

The median price per square foot of Texas homes also increased slightly (0.7%), with increases in 22 markets and decreases in 4 markets. While the median price per square foot of Texas homes did not increase much overall in 2024, it is up 50.9% since 2017.

"Coming out of the pandemic, many buyers sat on the sidelines in 2024 with home prices staying high," said Christy Gessler, Chairman of Texas REALTORS^®. "Interest rates stabilized but were still higher than the historic low rates that so many buyers capitalized on previously. Additionally, inflation kept a lot of buyers out of the market in 2024."

Home availability increases

Months of inventory, or how long it would take the existing homes on the market to sell at the current rate of sales, was 4.1 statewide, an increase from 3.4 in 2023. 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 market saw a rise in months of inventory, except Victoria (unchanged) and Odessa (down 0.3%).

There were more homes on the market at the end of 2024 compared to the same time the previous year, with a statewide increase of 30.5% in active listings. All markets except Odessa saw increases.

"Texas REALTORS^® care deeply and work hard to expand the opportunities for homeownership," says Gessler. "And they are ready to assist you in all phases of the homebuying and selling process."

About the Texas Real Estate Year in Review Report

Data for the Texas Real Estate Year in Review Report is provided by the Data Relevance Project, a partnership among local Realtor associations and their MLSs, and Texas REALTORS^®, with analysis by the Texas Real Estate Research Center. Mortgage interest rate data comes from Freddie Mac. The report provides annual real estate sales data statewide and for 26 metropolitan statistical areas in Texas.

About Texas REALTORS^®

With more than 150,000 members, Texas REALTORS^® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS^® and private property rights in Texas.

CONTACT
David Gibbs
Hahn Agency
[email protected]

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SOURCE Texas Realtors