If you’re in the market for a new home, prices are likely front of mind. Let’s look at where Texas home prices stand, what you get for the price, and where experts think prices are headed.

Reliable Median Home Prices

According to Texas A&M’s November 2023 Texas Housing Insight report, median home prices in Texas had an overall decline of 0.1% from the previous month. Of all the home sales in Texas, 26% were in the $200,000 to $300,000 price range, and 24% were in the $300,000 to $400,000 range.

In the North Texas housing market, the median home sale price at the close of 2023 was $389,945. While that’s a 1.3% increase from 2022, it’s lower than the year prior, when the median sale price topped $400,000.

Texas Bucks the National Trend

According to Zillow, Texas had one of the nation’s largest housing price drops in 2023. The overall price drop of 0.42% resulted in each Texas homebuyer saving an average of over $1,200 in total costs.

Northeastern states, however, saw significant increases in home prices. Connecticut home prices were up 9.56% in 2023, Maine’s jumped by 8%, and New Jersey home prices increased by 7.43%. CoreLogic’s US Home Price Insights report shows that from November 2022 to November 2023, home prices increased nationally by an average of 5.2%.

More House for the Price

The old “everything’s bigger in Texas” adage applies to square footage. Redfin estimates that Texas homes have an average price per square foot of $173. That’s a deal among America’s major metropolitan areas. Los Angeles? A home there will cost you $658 per square foot. New York’s average square-foot price is $528. Boston homes cost $449 per square foot, and Boulder’s are $408 on average.

Lower Prices on the Horizon

Realtor.com’s Housing Market Forecast report foresees significant drops in home prices in Texas. If their economic indicators are correct, Dallas should see home prices fall 8.4% in 2024. That could far outpace the national average; the report predicts that overall U.S. home prices will fall 1.7% throughout 2024.

Zillow predicts a more modest drop in Dallas home prices in 2024, forecasting a 0.8% reduction. The average projected home value in DFW, according to Zillow, will be $363,395 by November 2024.

To know what price you can afford and more, contact one of the loan experts at the Decker Group. You can connect with us online or call us at (972) 591-3097.