Texas Real Estate Market Trends 2024
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.
Top State Permit Issuers
According to the research staff at the Texas A&M Real Estate Research Center, single-family inventory is expected to increase with construction projected to reach pre-pandemic levels.
With almost 4% growth over last year, TRERC expects construction to “match pre-COVID levels” in 2024.
“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.
Rent or Buy? Housing Market Shifts Point to Rent
Monthly purchase cost now exceeds rent by more than 50%. As of late 2023, the median monthly cost of owning a new home is 52% higher than the average rent payment, according to data from CBRE.
The relentlessly high mortgage rates and home prices have many would-be buyers opting to rent instead.
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.linkedin.com/pulse/2024-projections-texas-commercial-real-estate-pete-larsen-wbrae/
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