The overall median price of homes sold in Texas in the third quarter of 2023 fell by 1.5% compared to the same timeframe last year. However, more metropolitan areas in Texas experienced median price hikes than drops, as per the Q3 2023 Quarterly Housing Report unveiled today by Texas Realtors. During the third quarter of 2023, there were increases in active listings, the number of days homes were on the market, and the months of inventory, compared to the same quarter in 2022.
Marcus Phipps, the 2023 Chairman of Texas Realtors, stated, “We are continuing to see the housing market progress toward more balance between buyers and sellers. An increase in the supply of homes and the average number of days homes stay on the market means that buyers in many areas may have more choices and a little more time to make a decision. However, these trends vary by metro and even by neighborhood, so it’s smart to discuss market conditions in your area with your Realtor.”
The median sales price of homes in Texas for Q3 2023 dropped to $340,000 from $345,000 during the same period last year. About half of the homes sold in the third quarter were priced between $200,000 and $399,999. On the extreme ends of the price spectrum, 13% of homes were sold for under $200,000, while 4% were sold for at least $1 million.
Homes in Texas were on the market for an average of 48 days in Q3 2023, which is 17 days longer than the same quarter in 2022. Taking into account the number of days to close, it took an average of 11 days longer to sell a property in Q3 2023 compared to the same quarter last year.
The months of inventory, which is the time it would take to sell the current number of homes on the market at the ongoing rate of sales, was 3.7 months in Q3 2023. This is an increase from 2.7 months during the same period last year. A balanced market is considered to have 6 to 6.5 months of inventory, according to the Texas Real Estate Research Center.
Active listings rose by 15.2% in Q3 2023 compared to the same quarter in 2022.
Chairman Phipps added, “The real estate market can change in subtle or significant ways over short periods of time. It’s our job as Realtors to help Texans understand and navigate those changes. We are here to simplify the process and to support buyers and sellers every step of the way to achieve their homeownership goals.”
