The median sales price in Texas is down 3.1% as homes spend more time on the market, according to the Q2 Quarterly Housing report from Texas REALTORS®.
A year ago, the median home price in Texas was $357,388. The median for the second quarter of 2023 fell to $345,000. However, these price changes aren’t true for every market in the state: median prices are up in metros like Brownsville (+3.9%), Wichita Falls (+4.9%), McAllen (+6.6%) College Station (+7.3%) and El Paso (+7.7%).
“There’s a saying that all real estate is local, and the second quarter this year showed how true that is,” Texas REALTORS® Chairman Marcus Phipps said in a press release. “While the statewide median price eased down, median prices are actually up in about half of Texas markets. Despite that variation, the average number of days that homes spent on the market was up in every metro area, and the number of homes available increased in nearly every metro area as well.”
Meanwhile, as closings decreased across the Lone Star State, the average home spent 87 days on the market during the second quarter, up 20 days year over year.
Statewide, there was aslo slight decrease in the number of high-end home sales, with homes priced $750,000 or higher making up only 8.7% of sales in Q2. About half of all properties sold fell into the $200,000 to $399,000 price range.
Additionally, inventory grew from two months to 3.2 months annually. While this vastly increases options for potential homebuyers, it’s still short of the six or so months seen in a balanced market, according to the Texas Real Estate Research Center.