The Texas housing market is experiencing a significant correction. An influx of new constructions has saturated the market, leading to a notable dip in home prices across multiple cities. This shift signals a buyer’s market, creating a unique scenario for potential homeowners.
Texas Housing Market Correction: Cities Witnessing the Change
Notably, in Texas‘s five largest cities, home prices have been dropping. In Fort Worth, out of 2,831 homes for sale, 625 saw price cuts, making it a 30% reduction rate. Dallas had 811 of 3,131 homes reduce prices (27%). Austin had 1,210 out of 4,535 homes cut prices (about 25%). In Houston, 2,115 out of 10,223 homes had price reductions (about 22%), and San Antonio saw 2,338 out of 9,861 homes reduce prices (also about 22%)
The Impact of New Builds
Texas saw a huge number of new homes built in 2023 – about 217,000! This was more homes than people looking to buy them, leading to too many homes on the market. With more homes available than buyers, the prices of houses started to drop. This situation is a big reason why home prices are falling across Texas, showing how the building boom has affected the cost of homes.
Looking Ahead
As the Texas housing market corrects itself, opportunities abound for buyers. Experts predict this trend may continue into 2024, potentially enhancing affordability and accessibility in the state’s real estate sector.
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