AUSTIN (KXAN) — The median price to buy a Texas home hasn’t changed since last year, according to a Texas REALTORS report, despite a 30.4% jump in listings over the third quarter of 2023.
The report, released Tuesday, states that Texas’ median home price in Q3 2024 is $340,000.
Home prices in the Austin-Round Rock-San Marcos metropolitan statistical area saw a slight drop of 3.8%, but the median home likely remains out of reach for most residents at $437,925.
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However, the number of active listings isn’t the only year-over-year change for Texas housing. Closed sales are down 2.2% and listings now take a week longer to close. Months of inventory, an important metric for understanding a housing market, grew by 1.2 months.
“Four to five months of inventory generally indicates a market balanced between supply and demand,” said the trade group in a press release, citing Texas A&M’s Texas Real Estate Research Center.
Per the report, which uses data from local realtor associations, months of inventory have steadily increased in all metros over the past year.