Texas Real Estate Market Trends 2024
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2024 Texas Real Estate Market Trends
In 2024, Texas presents a promising landscape for real estate investors, boasting a vibrant commercial and residential market. Fueled by a robust economy, business-friendly environment, and growing population, the Lone Star State continues to attract eager investors.
Outlook for the Texas Economy
The state’s key macro drivers set to accelerate in 2024 include economic output (2.0% to 2.5%), jobs (1.1% to 2.7%), nominal income (2.7% to 3.8%), and population growth (1.0% to 2.0%).
Texas consumer confidence rose by 21.3 percent, outpacing the U.S., which remained unchanged from last month.
2024 Texas Real Estate Market Forecast
Residential Single Family Housing Reports
Prices
- At best, average overall home price levels could remain flat or, at most, dip slightly but stay near $340,000.
Sales
- Total sales are expected to remain flat in 2024 compared to 2023, at about 330,000 units. Lower interest rates for at least part of 2024 may boost this somewhat. New sales will continue to account for a larger-than-average share of total sales—around 20 percent.
Multifamily will Surge in 2024
According to the research staff at the U.S. Census Bureau, this year Texas is experiencing a significant surge in apartment construction to meet the growing population in metro areas, despite higher interest rates. Developers see potential for refinancing in the future once rates decrease. The National Multifamily Housing Council has also mentioned the opportunity by highlighting the need to build 4.3 million units nationwide by 2035 to meet rental housing demand.
“Fueled by a robust economy, business-friendly environment, and growing population, the Lone Star State continues to attract eager investors.”
Top 10 Places to Find Newly Constructed Homes in 2024
Based upon U.S. Census Bureau housing permit data for December 2022 to November 2023.
Realtor.com calculated the total new-housing permits from the past year, at a rate per 1,000 existing housing units, for the 200 largest metros in the country. They selected one metro per state to ensure geographic diversity.
Texas Mortgage Payment by Area
Considering the measure of income in a city relative to the estimated mortgage payment, RealtyHop‘s Affordability index finds Texas cities make up the bulk of affordable payment locations. Austin, Dallas and Houston costs were around 50% share of income, while San Antonio is more affordable at approximately 35%. The index showed Texas benefiting from maintaining relative affordability despite its numerous amenities within the larger metro areas.
Commercial Projections in Texas
Looking forward to 2024, the Texas commercial real estate market is set for steady growth in office, retail, and industrial properties. Multifamily housing also remains an attractive option with shifting preferences.
To thrive in the dynamic Texas market, investors must conduct thorough research, collaborate with local experts, diversify portfolios, and stay updated on market trends.
As we anticipate the opportunities in the Texas real estate market for 2024, remember that Catalyst Funding stands ready to support your investment journey. With our deep roots in real estate lending and extensive experience in thousands of transactions, we offer tailored products and services to meet the unique needs of both seasoned investors and first-time flippers alike.
Contact Us today to talk about your next real estate investment opportunity in the profitable Texas market.
Article References
- https://www.recenter.tamu.edu/articles/tierra-grande/2024-Texas-Real-Estate-Forecast-2407
- https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight
- https://www.realtor.com/news/trends/top-metros-new-construction-homes-2024/
- https://www.forbes.com/advisor/mortgages/rent-or-buy-home-mortgage/
- https://www.housebeautiful.com/design-inspiration/real-estate/a46431517/zillow-2024-hottest-housing-markets/
- https://www.realtyhop.com/blog/realtyhop-housing-affordability-index-april-2024/
San Antonio Real Estate Market 2024
San Antonio, Texas features top neighborhoods like Stone Oak, Vance Jackson, and Denver Heights. The city has 179 neighborhoods priced from $1,600 to $15 million. As of May 2024, the median home listing price was $301,000, with homes selling for an average of 1.68% above asking.
Dallas Real Estate Market 2024
The Dallas real estate market in 2024 continues to stand out as a beacon of opportunity for investors and homebuyers alike. With a robust economy and steady population growth, Dallas offers a dynamic environment for real estate investment. Get monthly updates to the Dallas real estate market here!
Houston Real Estate Market 2024
The promising investment landscape in Houston’s real estate market for 2024 is driven by population growth, a diverse economy, and affordable living costs. The increasing demand for both rental properties and homes for sale, offers lucrative opportunities for investors. Insights from industry professionals indicate a positive start for the year, with notable increases in single-family home sales and activity across different price segments, showcasing a balanced and active market. Get monthly updates to the Houston real estate market here!
Texas Real Estate Market 2024
In 2024, Texas presents a promising landscape for real estate investors, boasting a vibrant commercial and residential market. Fueled by a robust economy, business-friendly environment, and growing population, the Lone Star State continues to attract eager investors.