If you’re planning to buy property in Texas in 2024, you need to stay updated on real estate market trends. Buying a property is about more than simply choosing a house you like and making a down payment. For starters, depending on the kind of property you buy, you will need to pay property taxes. These annual taxes are determined based on factors like the property’s location, size, work done on your home, etc. It’s critical to be familiar with the Texas real estate market before you invest in property so you can utilize your budget accordingly. There are plenty of real estate professionals to help you navigate this maze, but here are some of the basics.
Let’s start with a few numbers to clarify what happened in the real estate market in Texas last year. As of October 2023, while the price of individual homes saw a dip of 0.056% year-on-year (YoY), home sale numbers increased by 4.5%. On the other hand, the number of homes sold fell by 8.5% as compared to last year. So what do all these numbers mean for future market trends and property values in Texas?
Prices Down 0.056% in October ‘23
Changing home prices help us track if homes are becoming more affordable or more expensive. In 2023, the home prices in Texas saw a dip of 0.056%, with the median price of a property being $342,400.
Reduction in Homes Sold by 8.5%
The power of the housing or real estate market can be measured by the number of homes sold each year. The number of homes sold in Texas as of October 2023 saw an 8.5% reduction, with 23,049 homes finding new owners.
Median of 45 Days for Homes on the Market
The average number of days that a home is on the market before going under contract is the median number of days on the market. In Texas, homes were on the market for a median of 45 days, which is 8 days longer than last year! The median number of days on the market indicates the competitiveness of that market. In a competitive market, homes go under contract faster. The increase in the median days YoY may indicate a good time for homebuyers in Texas.
Home Sales up by 4.5%
How likely are you to find your dream home in Texas? The housing supply can give you a good idea of this. If there are more houses for sale as compared to the previous year, buyers have more options. With 132,525 homes for sale in October 2023, Texas has seen an increase of 4.5% in the housing supply market. In fact, the number of homes being put up for sale is also up by 0.8% in 2023.
These numbers give us an idea of the housing market in Texas and what the future trends might be. Property taxes, on the other hand, are rising all across Texas, and this trend is predicted to continue.
That being said, if you’re planning to buy a property in Texas, don’t stress about property taxes. Real estate professionals like the team at Bezit can help you pick a home in line with future market trends in Texas.