2024 BUYERS! This state is looking GOOD in 2024

Homebuyers—have you had a look at the Lone Star State lately? 

Before you make a purchase, check out these Texas real estate stats for 2024. 

Texas has rocked headlines over the past month. From border conflict to college sports, there’s been lots to talk about! But here at Everest, we’re tracking a completely different story—one that stands to benefit anyone looking to buy a home in 2024. 

Over the years, we’ve heard amazing stories of people relocating to the great state of Texas. And now that Everest Equity is recently licensed in the Lone Star State, we’re excited to help clients finance new deals and build their real estate portfolios down South.  

This month, we’re checking in with our out-of-state friends and family with a look at the 2024 Texas Real Estate Forecast. Whether you’re pursuing business in a major city like Dallas, Fort Worth, or Houston, or you’re happily settled on a few acres in the suburbs, there’s plenty of new real estate opportunities cropping up across the plains, prairies, (and coast!) of this beloved state. 

And for those up North who have been dreaming of warmer weather and cheaper cost of living—could Texas be your next move? 

Read on to see what’s in store for this Southern paradise in 2024. 

The time is right for Texas

Have you been contemplating a move to the Southern part of the United States? Clearly, you’re not alone. Back in 2020-2021, Covid sparked a frenzied interest in freedom-loving states like Texas and Florida. While the migration has slowed a bit—it certainly hasn’t stopped! 

A recent report from the Texas A&M Real Estate Research Center indicates a healthy outlook for Texas real estate in the coming 12 months. 

We’re seeing desirable numbers when it comes to median home prices, single-family rents, projected sales, job outlook, and more. With so many people relocating to the state in recent years, builders are amping up construction activity to accommodate new families, help beef up supply, and keep housing costs down.

Folks who are feeling the pressure of the ongoing housing crisis can look to Texas as a bright spot on the market horizon. What’s particularly interesting is that Texas is known as a real estate trendsetter. Meaning, the stats you’re about to read could give great insight into what’s to come all across the United States. 

Before we break down our final takeaways from the 2024 report, consider these universal facts about the “Friendship” state. 

Texas isn’t all cowboys and tumbleweeds! 

Texas Fast Facts

Did you know? 

• In addition to its generally affordable cost of living, Texas has no individual income tax, corporate business tax, or fee on sole proprietorship, so your money goes much further. 

• Texas boasts some of the best job opportunities in tech, manufacturing, and beyond. Cities with the greatest job growth include Tyler, Austin, Round Rock, Midland, and Dallas. 

• People are moving there in droves! In 2021 and 2022, Texas gained 668,000 new residents with the majority coming from California, Florida, Louisiana, New York, and Colorado. 

• The state is also known for its low home prices. In 2024, the average sale is expected to stay at around $340,000, much lower than the national average of $394,000.    

In addition to these unique perks of living in Texas, 2024 homebuyers can look forward to an overall positive outlook this year—and this extends all across the nation. Generally speaking, housing costs remain elevated in today’s economy. But things can only get better from here. 

“I expect real estate to pick up a lot as the talk of lower interest rates becomes more and more common, and inflation hopefully decreases across all areas,” says Sam Fine, Mortgage Loan Originator at Everest Equity. 

If you’re looking to finally relocate to the South in 2024, Mr. Fine offers some words of real estate wisdom: 

“Once the mood changes, it will be too late! The good deals will be gone. If you want to buy in Texas or anywhere else, make your move soon. As always, Everest is here to help, every step of the way.” 

Texas Real Estate Forecast, 2024

Residential Market Overview

Researchers at Texas A&M predict more single-family homes to be delivered all across the Lone Star State. With expected growth of 4% over last year, this new construction activity is notable as it will finally match pre-pandemic levels.  Of course, greater inventory is always good for buyers. 

Home Price & Sales Overview

Median home prices will remain near $340,000, the same as 2023, but may dip slightly. Single-family rents will also continue to fall, continuing last year’s trend. As for total sales, researchers say the number of closed transactions in Texas will remain flat at about 330,000 units, although this number may receive a boost if interest rates fall at any point in 2024. 

New Construction Overview 

In Texas, new home sales will account for 20% of total sales in 2024, which is greater than the national average. In the Dallas-Fort Worth, Houston, Austin, and San Antonio markets, we also expect to see positive housing trends. New home construction continues to outpace other places across the country including hot markets in Florida, North Carolina, and Georgia. 

Economic Outlook

Job growth in Texas is anticipated to rise from 1.1% in 2023 to 2.7% this year. By comparison, the national forecast shows payroll employment growth of only 0.8% to 1.0% in 2024. Likewise, personal income growth in the state is trending upwards from 2.7% to 3.8%. These and other economic factors play an important role in predicting future market behaviors. 

Property Tax Outlook

“Another interesting tidbit about Texas is that voters approved $18 billion in property tax cuts in the November 2023 election including a homestead exemption,” says Mr. Fine. “While the state itself doesn’t impose property taxes, they’re helping to lower local taxes for homeowners.” 

To take advantage of these savings in 2024, Texas residents are encouraged to reach out to their local appraisal district, tax assessor-collector’s office, and/or mortgage lender. According to Mr. Fine, “These cuts mean homeowners can put more toward their principal and hopefully pay off their mortgages even sooner than expected.” 

Everest says: Close with confidence, 

all across the country

Everest Equity

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NY, NJ, CT, PA, NC, FL, and TX

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