Since many on this site may be buying or selling a home at any given time, own investment properties, or commercial real estate I'm posting this weekly update to stay current.
The data is well researched from multiple sources concerning the real estate & mortgage market.
Thus, it is fact based and only analyzing the data/trends without regard to government policy.
As I stated previously let's keep the thread informational for those that might be in the market and leave policy discussions in "The Corral".
Current Rates -
30 Year Conventional - High 6's
15 Year Conventional - High 5's
30 Year Jumbo - Mid 6's
30 Year FHA - Low 6's
30 Year VA - Low 6's
Texas Real Estate Statistics for December 2024 -
Real Estate is always local. Though on a state-wide look of the December Real Estate Data it looks like Texas is holding steady with slightly higher sales prices, more homes sold, though it is taking just a little longer to sell the homes. No panic buttons need to be hit at this time on the residential side.
Median Sales Price - $350,600 Up 2.6% Year Over Year
Number of Homes Sold - 25,533 Up 11.4% Year Over Year
Median Days on Market - 65 Up 9 Days
Number of Homes for Sale - 142,040 Up 13.9% Year Over Year
Number of Newly Listed Homes - 22,946 Up 0.3% Year Over Year
Months of Supply of Homes on the Market - 4 Unchanged Year Over Year
Homes Sold Above List Price - 11.6% Down 0.4% Year Over Year
Homes With Price Drops - 22.9% Up 3.5% Year Over Year
Sale to List Price - 97.2% Up 0.2% Year Over Year
The above to me shows a market in balance based on the Months of Supply of Homes on the Market, Median Days on Market, and the Sales to List Price Ratio. We are getting closer to a point where it is a neutral market not favoring either buyers or sellers. And that's a good thing.
The linked article is for the Dallas Market, though I would imagine that we are seeing or will see the same thing across most large metro markets - here are some highlights of the article:
"The return to in-office work has also created a ripple effect throughout the DFW office market. Federal RTO mandates have led big employers to follow suit, particularly in DFW. Of course, these return-to-office announcements from large employers and the federal government influence smaller businesses to follow suit."
As the article notes there are the "Winners" and they are the Class A Office buildings that can attract tenants with their suite of amenities. The "Losers" are Class B & C Office buildings that aren't equipped to offer the same and their vacancies remain high in the 30% range.
"With employers vying to attract workers back to the office, premium spaces with top-notch amenities are naturally in high demand. How do you compel your workforce to return to the office five days a week?” Blount asked. “Landlords are in a constant race to keep up with the evolving trends and deliver the desired service offerings to stand out from the competition.”
I see the above in the Class A Office building where I work. They are putting in a Hi-Tech Audio Visual Conference Center on the 5th Floor. On the first-floor lobby there is a coffee bar/lounge along with a very nice board room. The building also has a gym with locker rooms. Soon they are installing a "golf simulator". In addition, much to my chagrin and hate of "pickle-ball" they are installing "pickle-ball courts" on the top of the parking garage - I of course wanted tennis courts. Unfortunately there was not enough room.
https://www.credaily.com/briefs/north-texas-office-market-to-soar-thanks-to-return-to-work/
Starts & Finishes -
Single-Family Rental Market is Fire!
If You've Ever Dreamed About Buying a Home in Spain - It Just Got More Expensive - 100% Tax On Foreign Buyers - Wow!
For Those Of You Thinking of Selling - Here's Some Great Advice and a Guide From NAR - Click to Get to the Guide
In regards to the above, also take down family photos - the buyers want to see it as their home not yours.
Funny story back in the day when I was a real estate broker. I'm showing a home to a family and when we walk into the master bedroom there is about a 4'X6' portrait of either the wife or girlfriend over the bed - it was one of those "Boudoir" portraits - let's just say she was well endowed and the 12 year-old boy of the couple I was showing didn't want to see any of the other rooms.
Looking forward to the Spring for two reasons - the home buying market heats up & Texas Baseball - should be an interesting year for each one.
Always here to answer question ITT or send me a DM.
Also if there are any topics you would like addressed in an upcoming "Weekly Housing & Real Estate Market Thread" let me know.
May everyone have an Amazing & Prosperous 2025!
Hook 'Em!
MH
The data is well researched from multiple sources concerning the real estate & mortgage market.
Thus, it is fact based and only analyzing the data/trends without regard to government policy.
As I stated previously let's keep the thread informational for those that might be in the market and leave policy discussions in "The Corral".
Current Rates -
30 Year Conventional - High 6's
15 Year Conventional - High 5's
30 Year Jumbo - Mid 6's
30 Year FHA - Low 6's
30 Year VA - Low 6's
Texas Real Estate Statistics for December 2024 -
Real Estate is always local. Though on a state-wide look of the December Real Estate Data it looks like Texas is holding steady with slightly higher sales prices, more homes sold, though it is taking just a little longer to sell the homes. No panic buttons need to be hit at this time on the residential side.
Median Sales Price - $350,600 Up 2.6% Year Over Year
Number of Homes Sold - 25,533 Up 11.4% Year Over Year
Median Days on Market - 65 Up 9 Days
Number of Homes for Sale - 142,040 Up 13.9% Year Over Year
Number of Newly Listed Homes - 22,946 Up 0.3% Year Over Year
Months of Supply of Homes on the Market - 4 Unchanged Year Over Year
Homes Sold Above List Price - 11.6% Down 0.4% Year Over Year
Homes With Price Drops - 22.9% Up 3.5% Year Over Year
Sale to List Price - 97.2% Up 0.2% Year Over Year
The above to me shows a market in balance based on the Months of Supply of Homes on the Market, Median Days on Market, and the Sales to List Price Ratio. We are getting closer to a point where it is a neutral market not favoring either buyers or sellers. And that's a good thing.
Top 10 Metros in Texas with the Fastest Growing Sales Price
- Lake Jackson, TX 32.0%
- Santa Rita Ranch, TX 24.5%
- Grapevine, TX 19.6%
- Mission, TX 19.0%
- Fate, TX 18.5%
- Edinburg, TX 17.7%
- Fulshear, TX 17.0%
- The Woodlands, TX 15.4%
- Schertz, TX 13.1%
- Cleburne, TX 12.9%
Top 10 Most Competitive Cities in Texas
- Haltom City, TX
- Pearland, TX
- Euless, TX
- Horizon City, TX
- Hurst, TX
- Lewisville, TX
- Pasadena, TX
- The Woodlands, TX
- Bryan, TX
- Bedford, TX
The linked article is for the Dallas Market, though I would imagine that we are seeing or will see the same thing across most large metro markets - here are some highlights of the article:
"The return to in-office work has also created a ripple effect throughout the DFW office market. Federal RTO mandates have led big employers to follow suit, particularly in DFW. Of course, these return-to-office announcements from large employers and the federal government influence smaller businesses to follow suit."
As the article notes there are the "Winners" and they are the Class A Office buildings that can attract tenants with their suite of amenities. The "Losers" are Class B & C Office buildings that aren't equipped to offer the same and their vacancies remain high in the 30% range.
"With employers vying to attract workers back to the office, premium spaces with top-notch amenities are naturally in high demand. How do you compel your workforce to return to the office five days a week?” Blount asked. “Landlords are in a constant race to keep up with the evolving trends and deliver the desired service offerings to stand out from the competition.”
I see the above in the Class A Office building where I work. They are putting in a Hi-Tech Audio Visual Conference Center on the 5th Floor. On the first-floor lobby there is a coffee bar/lounge along with a very nice board room. The building also has a gym with locker rooms. Soon they are installing a "golf simulator". In addition, much to my chagrin and hate of "pickle-ball" they are installing "pickle-ball courts" on the top of the parking garage - I of course wanted tennis courts. Unfortunately there was not enough room.
https://www.credaily.com/briefs/north-texas-office-market-to-soar-thanks-to-return-to-work/
Starts & Finishes -
Single-Family Rental Market is Fire!
If You've Ever Dreamed About Buying a Home in Spain - It Just Got More Expensive - 100% Tax On Foreign Buyers - Wow!
For Those Of You Thinking of Selling - Here's Some Great Advice and a Guide From NAR - Click to Get to the Guide
In regards to the above, also take down family photos - the buyers want to see it as their home not yours.
Funny story back in the day when I was a real estate broker. I'm showing a home to a family and when we walk into the master bedroom there is about a 4'X6' portrait of either the wife or girlfriend over the bed - it was one of those "Boudoir" portraits - let's just say she was well endowed and the 12 year-old boy of the couple I was showing didn't want to see any of the other rooms.
Looking forward to the Spring for two reasons - the home buying market heats up & Texas Baseball - should be an interesting year for each one.
Always here to answer question ITT or send me a DM.
Also if there are any topics you would like addressed in an upcoming "Weekly Housing & Real Estate Market Thread" let me know.
May everyone have an Amazing & Prosperous 2025!
Hook 'Em!
MH
