May 04, 2023 — Austin
The number of active listings and the average number of days Texas homes spent on the market in the first quarter of 2023 increased from the first quarter of 2022, according to the 2023-Q1 Quarterly Housing Report released today by Texas REALTORS®. However, the median price of Texas homes remained nearly unchanged.
“Last quarter, we saw the Texas housing market shift towards a more balanced state between homebuyers and sellers,” said Marcus Phipps, 2023 Chairman of Texas REALTORS®. “The increase in active listings suggests that buyers in many areas have more options to choose from than they’ve had recently.”
Texas homes spent an average of 64 days on the market before going under contract, 27 days more than the first quarter of 2022.The median sales price of Texas homes reached $326,800 during the first quarter of 2023, an increase of 0.6% compared to the same period last year.
Chairman Phipps commented, “As the median home price showed a small increase over last year, we’re confident there is still strong demand for housing throughout the state. The increase in inventory was not enough to outpace the demand for housing in the market. While there are more available options for buyers, there is still a significant number of potential buyers throughout the state, which is why median prices are close to what they were in most markets a year ago.”
During the first quarter this year, 72,480 homes were sold in Texas, a 17% decrease compared to the first quarter of 2022. More than half of the homes sold in Texas were in the $200,000-$399,000 price range. Months of inventory—or how long it would take to sell all homes on the market at the current pace of sales—increased from 1.1 months to 2.7 months.
Chairman Phipps concluded, “The total number of home sales this quarter was down compared to the same period last year. However, with a strong Texas labor market and the continued trend of people moving to Texas, we expect the housing market to remain robust this year. As always with real estate, market conditions vary from one locality to the next, so we encourage buyers and sellers to work closely with a local Realtor to help them achieve the best results in their real estate transactions.”