Texas home sales were down by 11% during 2023, with 327,921 in total sales. According to Texas Realtors, this is the lowest sales level since 2016.
The statewide median price for $335,100 was 2023, a 1.4% drop from the previous year, although more Texas metros saw median price increases than decreases. All but five metros had less than a 5% change (higher or lower) in the median price, with the biggest drop (-10.4%) in the Austin-Round Rock MSA. However, at $450,000, Austin-Round Rock also recorded the highest median price in Texas. Price per square foot edged up 0.1% statewide, with increases in every market except Austin-Round Rock and San Antonio-New Braunfels.
Statewide, homes remained on the market an average of 55 days, 20 days more than in 2022.
“While higher mortgage rates kept some buyers on the sidelines last year, that has led to a lot of pent-up demand,” said Jef Conn, chairman of Texas Realtors. “Sales have picked up early this year, and this spring is shaping up to be an active market.”
