According to August 2023 Redfin data, the median home price across the state was $351,500. That’s a very slight 0.4 percent increase from August 2022, but still quite a bit cheaper than the current national median price of $407,100.
Redfin data also reveals that the number of homes for sale in the state was up 1.2 percent year-over-year, but even so there was only a three-month supply of inventory. That’s still short of the five or six months needed for a balanced market, despite the small increase.
The state’s median days on market figure remained the same from last year to this year: a relatively slow 37 days.
The sale-to-list ratio in August was 97.8 percent, meaning homes tended to sell for around 2 percent less than full list price.
According to data from CoreLogic’s ClosingCorp, Texas closing costs average 1.5 percent of the home’s sale price. For a median-priced $351,500 home, that’s $5,272.50.
References:
Redfin Housing Market Tracker
CoreLogic