What’s Happening with Texas Real Estate Prices in 2024?
Texas has always been a hotspot for real estate, and 2024 is no different. The Lone Star State is a magnet for homebuyers, investors, and families looking for affordability and opportunity.
But if you’re curious about what’s happening with Texas real estate prices and wondering if now is the time to sell or buy, let’s break it down in a simple and friendly way.
The Texas Real Estate Market in 2024
The Texas housing market is showing signs of stabilization after a whirlwind of activity over the last few years. While prices have cooled in some areas, they’re still holding strong in cities like Houston, Austin, and Dallas.
Statewide median home price: $341,000 (as of early 2024).
- Price growth: A modest 2% increase compared to 2023, a slower pace than the 10–15% jumps seen during the pandemic boom.
- Supply levels: Inventory has risen slightly, with a 4-month supply of homes statewide—a shift towards a balanced market.
Houston: A Key Player in Texas Real Estate
Houston’s housing market is particularly active in 2024. If you’re looking to sell your house fast in Houston, the city’s affordability and job market continue to draw buyers.
- Median home price in Houston: Around $325,000, slightly below the state average.
- Population growth: Houston’s metro area added more than 100,000 new residents in 2023, fueling housing demand.
- Diverse market: From luxury homes to affordable starter houses, Houston caters to all types of buyers.
Factors Affecting Texas Real Estate Prices
- Population Growth
Texas remains a top destination for people relocating from other states. Affordable living, no state income tax, and a thriving economy are the big draws. Cities like Houston and Dallas see a continuous influx of new residents, keeping housing demand high. - Economic Resilience
Texas’ economy is diverse, with booming industries like energy, technology, and healthcare. This stability supports the housing market, even during national downturns. - Mortgage Rates
Mortgage rates are hovering around 6.5–7% in 2024. While this is higher than during the pandemic, it’s encouraging some buyers to opt for smaller or more affordable homes, keeping demand steady for mid-range properties. - Shift to Suburban Living
More buyers are looking at suburban neighborhoods for affordability and space. Houston suburbs like Katy, Pearland, and Sugar Land are seeing strong growth in housing demand.
What does this mean for sellers?
If you’re planning to sell, 2024 offers a balanced market. Highlighting features like energy efficiency or modern upgrades can help your home stand out. Houston remains a hot spot for families and young professionals, so if you’re selling in the city, you’re in luck.
Final Thoughts
Texas real estate prices in 2024 are steady, with a healthy mix of opportunities for buyers and sellers. Whether you’re looking to sell your house fast in Houston or explore the broader Texas market, now is a great time to act. With population growth, a strong economy, and affordable housing options, Texas remains one of the best places for real estate in the U.S.