The median price of homes sold in Texas during the third quarter was $340,000, a 1.5% tumble from $345,000 one year earlier, according to new data from Texas Realtors.
There were 87,877 closed home sales in Texas during the third quarter, a 9.8% year-over-year decline from the 97,711 homes sold in last year’s third quarter. Approximately half of the homes sold in the third quarter were in the $200,000 to $399,999 price range, with 13% of homes selling for under $200,000 and 4% selling for at least $1 million.
Texas homes spent an average of 48 days on the market in third quarter, 17 days longer than in the same quarter last year. On average, it took 11 days longer to sell a property year-over-year. In the third quarter, the months of inventory stood at 3.7 months, up from 2.7 months in the same period last year.
Active listings increased 15.2% in the third quarter compared to the same period in the previous year.
“We are continuing to see the housing market progress toward more balance between buyers and sellers,” said Marcus Phipps, 2023 chairman of Texas Realtors. “An increase in the supply of homes and the average number of days homes stay on the market means that buyers in many areas may have more choices and a little more time to make decision.”