Are Texas houses becoming more affordable?
Affordability is one of the top issues for those seeking a new home in the U.S., but they may be able to catch a break in Texas.
TEXAS (NEXSTAR) – Affordability is one of the top issues for those seeking a new home in the U.S., but they may be able to catch a break in Texas.
That’s because the state has some of the most affordable metros to buy a home in. With the housing market cooling off in certain areas, potential homeowners have lots of options in the Lone Star state.
According to data from Redfin, Stacker ranked four Texas areas within the top 50 metros where homes are selling the most under the asking price. McAllen ranked 50th with a median sale price of $225,000, whereas Dallas ranked 43rd with a median sale price of $402,000.
Houston ranked higher at 25th, selling 6,426 homes with a median sale price of $330,000.
Ranking fifth on the list was Austin, which sold 2,382 homes under the asking price. With a median sale price of $457,990, homeowners on average paid $27,000 less than the asking price, making the state’s capital an attractive place to call home.
Additionally, SmartAsset data showed in Central Texas, the housing market is experiencing a decrease in demand, meaning a large price reduction for potential homeowners.
The study highlighted the Austin-Round Rock-Georgetown area, saying across certain metrics, it had, “the second-highest median days on the market for home lists (27 days) and the fourth-worst ratio of houses sold to new listings (0.49).”
Lastly, data from the Knock Buyer-Seller Market Index showed the Dallas-Fort Worth-Arlington area having the second-largest inventory gain. This means the area will most likely see more homes open up for sale this year.
Another selling point for Texas is while the current housing market seems to favor neither buyers nor sellers, by December 2023, the Dallas-Fort Worth-Arlington area will be most favorable to potential homeowners. This is because home sales are forecasted to peak by June and dip by December.
All of this seems to suggest homeowners should keep their eye on Texas for their next home.