The Texas housing market set new records for the number of homes sold and median price statewide, according to the 2019 Texas Real Estate Year in Review report released today by Texas REALTORS®. This is the fifth consecutive year Texas has surpassed previous marks for these two categories.
“There is no doubt that the Texas housing market continues to shine, as detailed in this report boasting sustained demand and price appreciation,” said Cindi Bulla, 2020 chairman of Texas REALTORS®. “However, two of every three homes being sold are now more than $200,000, which puts homeownership out of reach for many Texans. This continued challenge is a top priority of Texas REALTORS®, as affordability needs to be addressed before it becomes a crisis.”
The statewide median home price was $240,000 in 2019, an increase of 3.2% from the previous year. Of home sales across the state, a third fell in the $200,000 to $299,000 price range, making it the largest price class by sales volume.
There were 357,238 homes sold in Texas in 2019, a 4% increase over 2018. From 2017 to 2018, home sales volume increased 4.4%.
Housing inventory decreased slightly to 3.1 months of inventory while active listings rose 5.8% statewide from 2018 to 2019. According to the Real Estate Center at Texas A&M University, a balanced market has between 6 and 6.5 months of inventory.
Find more statewide housing statistics and details about cities and metropolitan statistical areas in the full report.