Texas Housing Market Update Q3 2023 by Krista Klause

🔑 Provided by Krista Klause, Your San Antonio Real Estate Expert 🔑

Dive into the latest real estate trends in Texas, thanks to data from the Texas Quarterly Housing Report by the Data Relevance Project, Texas REALTORS®, and the Texas Real Estate Research Center at Texas A&M University. 📊🏛️

Statewide Insights:

1. Median Home Price: 📉 In Q3 2023, the median home price in Texas was $340,000, a slight 1.5% drop from last year. Yet, more Texas metros experienced price increases than decreases. 💸

2. Days on Market: ⏳ Homes took longer to sell, with days on market increasing from 31 to 48 compared to Q3 2022. This means an average of 11 more days to sell a property. 📅

3. Months of Inventory: 🏠 Inventory increased to 3.7 months from 2.7 in the same quarter last year, moving towards a more balanced market. However, a balanced market typically has about six months of supply. 📈

4. Price Range Availability: 💰 Most homes (50%) sold were priced between $200,000 and $399,999. Homes under $200,000 made up 13%, and luxury homes ($1 million+) constituted 4% of sales. 🏡💲

About Texas REALTORS®:

With over 150,000 members, Texas REALTORS® advocate for the real estate profession and property rights in Texas. 🔑🌟

Bottom Line:

These insights indicate a slight shift in the Texas real estate market, with some areas seeing price increases and a general trend towards a more balanced market. 📊🌍

📞 Need more insights or thinking of buying/selling in Texas? Contact Krista Klause for expert advice and the latest market trends! 📞