AUSTIN – Texas Realtors’ 2023-Q3 Quarterly Housing Report shows the state is continuing to move toward a more balanced housing market.
“An increase in the supply of homes and the average number of days homes stay on the market means that buyers in many areas may have more choices and a little more time to make a decision,” said Texas Realtors Chairman Marcus Phipps.
The median sales price of Texas homes in 3Q2023 decreased from $345,000 to $340,000. Approximately half of the homes sold in the third quarter were in the $200,000–$399,999 price range.
Texas homes spent an average of 48 days on the market in the third quarter, 17 days longer than a year ago. On average, it took 11 days longer to sell a property in 3Q2023 than last year.
Months of inventory stood at 3.7 months in the third quarter of 2023, an increase from 2.7 months in the same period last year. A balanced market is estimated at six to 6.5 months of inventory.
Active listings increased 15.2 percent in 3Q2023 compared to the same period in 2022.