COLLEGE STATION – More single-family homes and office spaces are expected to be delivered across the state in 2024, according to a new report by the Texas Real Estate Research Center.
The center’s 2024 Texas Real Estate Forecast examines big-picture trends that may affect the market.
Highlights from the report include:
Residential market
- Single-family inventory is expected to increase with construction projected to reach prepandemic levels.
- Single-family prices are expected to remain near $340,000.
- Multifamily rent is expected to grow 2.5 percent over the previous year.
Commercial market
- Office space inventory is expected to increase with deliveries expected to surpass 2023 levels.
- Retail rents are expected to end the year up 2 percent.
Industrial market
- Statewide inventory is expected to increase between 1.5 and 3 percent.
- Industrial rents are expected to continue increasing but at a slower pace than 2023.