Texas home sales dipped in 2023, according to the 2023 Texas Real Estate Year in Review report from Texas REALTORS®.
Last year, the Lone Star State experienced the lowest total sales since 2016, with 327,921 homes sold. Meanwhile, the statewide median price decreased 1.4% year over year to $335,100. Furthermore, the availability of homes priced under $300,000 has decreased by 31.1% statewide since 2017.
In Houston, the median home price fell 1.5% year over year, while the price per square foot increased by 0.7% to $162.34 — that’s up 55% since 2017. Home sales decreased by 12.9%, with average days on market increasing by 13 days. Active listings increased by 24.4%.
On average, Houston homes received 95.4% of the original listing price. A plurality of the homes sold in the Houston metro area — 30.2% — fell into the $200,000 to $299,000 price range, closely followed by the $300,000 to $399,000 price range at 26.6%.
Despite median price declines in many of Texas’ major metro areas, 17 metro areas in the state saw price increases in 2023. The highest median price increases were seen in El Paso (+7.6%) and McAllen-Edinburg-Mission (+6.8%), while the biggest median price drop was in Austin-Round Rock (-10.4%). Austin still saw the highest median home price in the state at $450,000.
“While higher mortgage rates kept some buyers on the sidelines last year, that has led to a lot of pent-up demand,” Jef Conn, chairman of Texas REALTORS®, said in a press release. “Sales have picked up early this year, and this spring is shaping up to be an active market.”
Emily Marek
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