The Texas housing market in 2024 is expected to experience notable changes driven by economic, demographic, and regulatory factors. Experts forecast a stabilization of mortgage rates, which could encourage more buyers to enter the market despite rising prices and limited inventory.
Additionally, sellers who held off listing their properties during 2023 may re-enter, potentially increasing housing options this year.
Key market insights include:
Home Prices: Prices will likely continue their upward trend, with regional variations affecting affordability and pricing strategies. Areas like Dallas-Fort Worth and Austin may remain hot markets due to diverse economies, while smaller towns could see price corrections.
New Construction: Despite challenges from labor shortages and rising material costs, new construction activity is expected to increase, driven by population and job growth in
major metro areas like Austin, Dallas, and Houston. Mortgage Rates: Rates are expected to hover around 6%, with potential dips by 2025, providing relief to buyers after the high rates of 2023.
Multifamily Rentals: In metropolitan areas, multifamily rental prices are forecast to grow by around 2.5% in 2024.
Overall, the Texas market presents both challenges and opportunities, with careful planning essential for buyers and sellers alike. Prospective homeowners should keep an eye on mortgage trends, explore financing options, and assess neighborhood amenities when making decisions.
Source: HAR. (n.d.). 2024 Texas housing market predictions.
Retrieved from https://www.har.com/blog
