The Texas housing market saw slight increases in both home sales and prices in 2024, with trends varying across different regions of the state. According to data from 2024’s Texas Real Estate Year in Review, the number of homes sold rose in 14 markets while declining in 12, with overall differences being modest.
The Lubbock metro area experienced the highest gain in sales at 4.3%, whereas Beaumont-Port Arthur saw the greatest decline at 6.8%. Statewide, home sales increased marginally by 0.7%.
The median home price across Texas also experienced a slight uptick, rising by 1.2%. Of the 26 markets analyzed, 20 saw increases, while four recorded declines and two remained unchanged.
Odessa had the most significant price growth at 11%, whereas Austin-Round Rock-San Marcos observed the largest dip, decreasing by 2.2%. Despite this decline, Austin-Round Rock-San Marcos maintained its status as the most expensive housing market in Texas, with a median home price of $440,000. The lowest median price was recorded in Wichita Falls at $195,000.
Similarly, the median price per square foot of homes statewide increased slightly by 0.7%, with 22 markets showing gains and 4 experiencing declines. While the price per square foot did not rise significantly in 2024, it has seen a cumulative increase of 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."
The availability of homes increased across the state, as indicated by the months of inventory metric, which measures how long it would take for the current homes on the market to sell at the current sales rate. In 2024, the months of inventory statewide rose to 4.1 from 3.4 in 2023. According to analysts at the Texas Real Estate Research Center, four to five months of inventory typically signals a balanced market between supply and demand. Every market except Victoria (unchanged) and Odessa (down 0.3%) experienced an increase in inventory.
Additionally, the number of active listings at the end of 2024 saw a significant rise, increasing by 30.5% statewide compared to the previous year. All markets, with the exception of Odessa, experienced growth in active listings, indicating more options for prospective buyers.
