If you're looking to buy or sell a home in Texas you have come to the right place.  At Fancy Real Estate Group, we will work with you to find your dream property for the best price possible.  "Its not just a House, Its Your Home!

Why TEXAS Real Estate?

Overview

The Texas real estate market is fascinating. Although home prices are lower compared to last year's figures, property values ​​have increased in the past three months. Additionally, the housing supply is higher than in December 2022.

However, this state is still a top relocation destination for people looking for an affordable cost of living and reasonable housing prices. In addition, Austin and San Antonio earned spots on Bankrate's list of the best places to live in the US.

While rising mortgage rates and a drop in home sales have affected the Texas real estate market, both sellers and buyers can find plenty of opportunities in the Lone Star State.

Texas Housing Market Trends

According to Redfin's latest reports, these were the biggest changes in the Texas housing market:

• The number of home sales went up
• The average months of supply was higher
• Texas home prices fell compared to March 2022 reports
• The median days on the market rose by almost 30%

Here's more information on each trend:

Texas Median Home Prices

March 2023 reports showed that homes in Texas sold for a median price of $341,300. Compared to last year's figures, that's a 2.5% drop.

However, the median sale price in January of this year was $331,200. Last month, it rose slightly to $333,600, which means regional residential property values ​​are up in this year's first quarter.

Inventory

As of March 2023, 114,528 homes were listed for sale on the Texas real estate market. Compared to last year's figures, that's an increase of 41.4% year over year.

Additionally, the average months of supply increased from two months in March 2022 to three months in March 2023.

In Texas, the number of newly listed homes also fell by 4.2%, with just 37,355 new listings.

Housing Demand

Redfin's statistics show that about 17.1% of homes in Texas sold above list price, down 29.2% year over year. Contrastingly, 29.5% of residential properties had price drops after a 14.0% rise.

In March of this year, the sale-to-list price sat at 97.6%, down 4.2% compared to last year's figures.

Homes Sold

The latest reports also showed that the number of homes sold fell by 14.1% year over year. In March of this year, only 28,466 went under contract, down from 33,131 units sold last year.

However, the number of homes sold has risen by over 12,000 housing units since January of this year.

Median Days on the Market

In March 2023, the amount of time housing units spent on the market before going under contract rose compared to last year's reports.

Based on the latest statistics, the median days on the market is 51 days, which accounts for an increase of 29 days year over year.

However, it's the lowest median days on the market in this year's first quarter. In January and February 2023, it took an average of 56 and 60 days, respectively, to sell a home in Texas.