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"March 2023-Texas Housing Market: Struggling to Keep Up with Demand and Falling Prices"
Texas Housing Market Overview:
In March 2023, home prices in Texas were down 2.5% compared to last year, selling for a median price of $341,300.
The number of homes sold fell by 14.1% year-over-year, with 28,466 homes sold in March 2023.
The median days on market for a home in Texas was 51, up by 29 days year-over-year.
Texas Housing Supply:
In March 2023, there were 114,528 homes for sale in Texas, up 41.4% year-over-year.
The number of newly listed homes was 37,355, down by 4.2% year-over-year.
The months of supply for Texas was 3, up by 1 month year-over-year.
Texas Housing Demand:
In March 2023, 17.1% of homes in Texas sold below list price, down 29.2 percentage points year-over-year.
The percentage of homes sold above list price was 17.1%, down by 29.2 percentage points year-over-year.
The percentage of homes with price drops was 29.5%, up by 15.1 percentage points year-over-year.
The sale-to-list price ratio was 97.6%, down by 4.2 percentage points year-over-year.
Top 10 Metros in Texas with the Fastest Growing Sales Price:
Porter, TX - 25.3%
Portland, TX - 23.2%
Friendswood, TX - 20.5%
North Richland Hills, TX - 18.8%
Sienna, TX - 18.6%
Sienna Plantation, TX - 18.6%
Cleburne, TX - 17.9%
Sachse, TX - 17.9%
Granbury, TX - 15.6%
Abilene, TX - 14.6%
Top 10 Most Competitive Cities in Texas:
Euless, TX
Stafford, TX
Watauga, TX
The Woodlands, TX
Bedford, TX
Hurst, TX
Richardson, TX
Deer Park, TX
El Paso, TX
Grapevine, TX
SOURCE INFORMATION: REDFIN.COM
Amanda Allen, Realtor, MRP - RE/MAX Landmark
www.AmandaAllenHomes.com - 903-603-0648
Thank you for reading! If you have any questions or want to learn more about the exciting world of real estate, don't hesitate to reach out to me. Whether you're a first-time homebuyer, a seasoned investor, or simply curious about the market, I'm always here to help. Let's make your real estate dreams a reality!
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