Texas home sales increased 4% year-over-year in 2017 while the statewide median price jumped 6.7%, according to the 2017 Texas Real Estate Year in Review report recently released by the Texas Association of REALTORS®. The 336,502 homes sold and median price of $223,990 in 2017 represented all-time highs in both measures for the third year in a row.
“Despite the devastation of Hurricane Harvey, the Texas housing market had a very strong fourth quarter, helping solidify 2017 as another record-breaking year in Texas real estate,” said Kaki Lybbert, chairman of the Texas Association of REALTORS®. “The strong growth in the housing market can be attributed to the sizable influx of residents and job growth across the state in 2017. With more than half a million people moving to the Lone Star State each year, we anticipate the Texas housing market will remain a hotbed for activity.”
While active listings increased 5.5% compared to 2016, housing inventory across the state slipped to 3.1 months—well below the Real Estate Center at Texas A&M University benchmark for a balanced market of between 6 and 6.5 months.