Texas Real Estate Market Trends 2024
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2024 Texas Real Estate Market Trends
In August 2024, the Texas real estate market is seeing strong demand and shifting trends. While prices in major cities are still rising due to high interest and low inventory, more people are also moving to suburban and rural areas for better space and affordability. The pace of price increases is slowing as market conditions change, creating both opportunities and challenges for buyers and investors.
Outlook for the Texas Economy
The outlook for the Texas economy remains strong and positive. The state’s diverse industries, including technology, energy, and healthcare, are driving job growth and attracting new businesses. While elevated interest rates have presented some challenges, the overall economic environment remains vibrant. As interest rates begin to drop, there will be a high housing demand, contributing to an even more favorable economic forecast for Texas.
2024 Texas Real Estate Market Forecast
Best Real Estate Markets by WalletHub (2024)
To identify the top real estate markets in the U.S., WalletHub analyzed 300 cities of different sizes based on 17 key indicators. These indicators measure housing-market attractiveness and economic strength, providing a comprehensive view of which local markets offer the best opportunities for buyers and investors.
Multi Family Construction Record
According to Rent Cafe, new apartment construction in the U.S. is set to reach a historic high in 2024, with more than 500,000 units expected to be completed. This milestone marks the first time in history that apartment completions have surpassed the 500,000-unit threshold. Looking ahead, approximately two million new rental units are projected to open by 2028, reflecting a significant expansion in the housing market.
“The pace of price increases is slowing as market conditions change, creating both opportunities and challenges for buyers and investors.”
Single Family Home Price Trends
Rising home values are having a notable impact on the real estate market, creating new investment opportunities and enhancing overall market confidence. Since January 2024, average single-family home prices in the U.S. have increased by 7.6%. Over the past four years, the cost of single-family homes has surged by 43%, indicating a significant rise in property values. This upward trend is making the housing market more dynamic and vibrant, offering growth potential for both buyers and sellers. Stay informed about these market shifts to make the most of real estate opportunities.
National Homeowner Equity
CoreLogic reports a significant increase in home equity. This 9.6% year-over-year gain suggests a robust housing market and an abundance of opportunities for investors. This increase in equity can provide homeowners with more financial flexibility, such as the option to tap into their home equity for renovations or other investments.
Austin's Rapid Growth: Tech Boom and Investment Opportunities
Austin is rapidly emerging as one of the fastest-growing cities in the U.S., thanks to its booming technology sector. So it’s no wonder that Realtor.com listed Austin as #1 on their latest Top 10 Rental Markets list. Austin’s thriving tech scene and economic vitality make it a prime location for investment and business opportunities.
This dynamic environment presents a wealth of opportunities including Real Estate Investment in Austin. The influx of tech professionals is increasing the demand for housing. Investors may find lucrative opportunities in both residential rental properties and property flipping.
Article References
A Sweet Spot in Interest Rates: A Fantastic Opportunity for Real Estate Investors
Wade Comeaux, CEO of Catalyst Funding, shares how savvy real estate investors can navigate the current rate environment.
Texas Real Estate Market 2024
In August 2024, the Texas real estate market is seeing strong demand and shifting trends. While prices in major cities are still rising due to high interest and low inventory, more people are also moving to suburban and rural areas for better space and affordability. The pace of price increases is slowing as market conditions change, creating both opportunities and challenges for buyers and investors.
Catalyst Funding’s Loyalty Program
At Catalyst Funding, our loyalty program rewards borrowers who have demonstrated expertise and success in their real estate transactions.
Exciting News: Catalyst Funding has teamed up with NRL Mortgage!
Catalyst Funding is now partnering with NRL Mortgage on our long term loans, as the Catalyst Group at NRL Mortgage.