A recent analysis of home listings by AgentStory.com, a high-tech real estate company that tracks agent performance, found that homeowners in Austin, Dallas, and Houston, Texas are struggling to sell their homes.
From September 2023 to February 2024, a staggering 65% of residential listings over $2 million in Austin, once hit by the pandemic boom, did not sell and listings expired or were removed. That means that.
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The number of unsold homes fell by 48% for homes priced between $1 million and $2 million, 40% for homes priced between $800,000 and $1 million, and 36% for homes priced between $450,000 and $800,000.
Homes listed between $300,000 and $450,000 had an unsold rate of 37%, while homes priced under $300,000 had the lowest unsold rate of 18%. This means that it is easier to sell.
Dallas and Houston had a very similar picture, but Houston had a relatively high percentage of unsold homes in all price categories. In Houston, the Lone Star State's most populous city, 55% of homes priced over $2 million went unsold from September 2023 to February 2024.
In Houston, during the same period, about 51% of homes priced between $1 million and $2 million and 51% of properties priced between $800,000 and $1 million remained unsold, compared to homes priced between $450,000 and $800,000. That number rose to 53%.
The unsold rate for properties priced between $300,000 and $450,000 was 50 percent, while the unsold rate for properties priced below $300,000 was 41 percent.
In Dallas, 51% of homes priced over $2 million did not sell, compared to 36% of homes priced between $1 million and $2 million and 37% of properties priced between $800,000 and $1 million. . During the same period, about 35 percent of homes priced between $450,000 and $800,000 remained unsold, compared with 38 percent of homes priced between $300,000 and $450,000 and For housing, it was 31%.
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In all three cities, the most expensive properties had the highest unsold rates. The median list price for homes in Texas is currently $380,000, according to the latest data from Redfin. Austin, Dallas, and Houston are the most expensive cities in the state, with median list prices of $650,000, $450,000, and $359,997, respectively.
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The unsold rate of homes may be explained by buyers waiting for better opportunities as home buying season heats up.
Increasing inventory in the state, primarily because Texas is building more new homes than almost any other region in the country, has also contributed to the slight decline in prices, with more It suggests that good opportunities may be available in the market soon.
“The surge in inventory that has begun in some of Texas' largest cities and the resulting decline in home prices is good news for homebuyers across the state,” said Nick Ghaly, CEO of Revenger. said earlier. newsweek. “This means Texas is starting to become a buyer's market. Given the still high level of building permits, we wouldn't be surprised if things continue to improve for Texas buyers in 2024.”
Are you a Texas homeowner looking to sell your home but having trouble finding a buyer? Write about your experience to g.carbonaro@newsweek.com.
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