The housing market in the Lone Star State seems to be cooling off in certain areas – and certain price points. Between September 2023 and February 2024, Austin underperformed in housing sales with a startling 65 percent of home listings at two million and above unsold. In Houston, 55 percent of homes priced at two million and above were unsold, while that number is 51 per cent in Dallas.
These statistics come from AgentStory.com, a tech real estate company that tracks agent performance. ‘Unsold homes’ in this case include those that have expired or were otherwise delisted.
In Austin, homes listed for between $300,000 and $450,000 had an unsold rate of 37 per cent, while those priced $300,000 or less had the lowest unsold rate at 18 per cent.
In Houston, analysis shows homes between $300,000 and $450,000 had an unsold rate of 41 per cent. Dallas saw similar results across the board – 38 per cent of homes went unsold in the same price bracket. It’s a trend with a clear answer: the highest unsold rates across all three cities were for their most expensive properties.
According to Redfin’s newest data, the median list price in Texas is currently $380,000, with Austin, Dallas, and Houston listed as the most expensive cities in the state at $650,000, $450,000 and $359,997 respectively.
One possible answer? Potential buyers are waiting for better opportunities as the home sale season heats up. Also, Texas is building more new homes than almost every other state in the country, leading to an increase in inventory. Both of these factors are contributing to prices dropping modestly, ultimately suggesting better opportunities for homebuyers are on their way. In the meantime, those trying to sell are keeping their fingers crossed for new owners to cross their thresholds soon.