Happy New Year, and welcome to our 2024 Texas Real Estate Market Outlook. Keep reading for John’s thoughts on where the Texas real estate market is headed, and be sure to watch the video linked below and share it on social media with your friends.
Increase in Real Estate Transactions
While 2023 might have been a little sideways for the real estate business, with higher interest rates and a slowing economy, buyers stayed on the sidelines a little longer. As we look forward to the 2024 Texas real estate market, we expect to see increased activity as inventory remains low and prices are steady.
The team at Ekdahl Nelson Real Estate has seen an increase in activity over the last few months and expects to see even more as we move toward lower interest rate approvals by the Federal Reserve later in the year, even with 2024 being an election year.
Steadier Home Prices in Texas
Remember all the highs and lows in real estate we lived through over the last few years? During 2024, Texas should look relatively flat or dip slightly by the fourth quarter. It’s not just Texas; we’ll see the same type of trend in most areas of the country. During the beginning of 2024, home prices will likely stay about the same, with fewer extremes in pricing. You might see some dips and occasional spikes in the market, but overall, you’ll see relaxed prices in 2024 that aren’t expected to crash and burn.
Demand for Housing Will Stay Strong
We saw over 9 million people move to Texas between 2000 and 2022. The trend of moving to our state is continuing into 2024, but it seems to be losing some of its urgency and momentum. Many of those home buyers are looking for properties in our larger cities and the surrounding metro areas. The state’s pro-business policies, tax advantages, and relatively low cost of living are part of what’s fueling these moves. As long as people are excited about moving here, we’ll see our single-family inventory remain snug and prices either hold steady or inch upward.
New Construction in Texas Continues to Lead the Nation
In 2023, Texas beat out almost every other U.S. market in terms of new home construction. We should see that trend continue as we move into 2024. New construction permits have already rebounded throughout the state and are still attracting out-of-state residents to move to Texas. Our real estate market is still known for its plentiful, affordable land, which excites new homeowners looking for land to build on, hold onto, and pass down to their families.
Work with Ekdahl Nelson Real Estate
Are you ready to take the next steps in your real estate journey? The agents at Ekdahl Nelson Real Estate are always ready to help you with a hands-on, boutique experience where we make real estate happen for you.
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Are you curious if our real estate projections for last year proved true? Check out our 2023 Texas Real Estate Market Outlook here.