The Texas real estate landscape experienced fluctuations in 2023, with shifts in sales volumes, median prices, and inventory levels across various metropolitan areas. The recently released 2023 Texas Real Estate Year in Review report by Texas REALTORS provided insights into these dynamics of housing dynamics in Midland and Odessa.
According to a release from Texas REALTORS, the report highlighted an increase in months of inventory throughout Texas, indicating a longer period required to sell homes currently on the market. However, Midland and Odessa experienced a reduction in months of inventory and demonstrated a tighter housing market.
While Texas home sales declined nearly 11% in 2023, median prices exhibited modest movements in most markets. The statewide median price of $335,100 experienced a marginal decrease of 1.4% compared to the previous year.
Median prices displayed mixed trends across different metro areas, with declines recorded in eight metros and increases observed in 17 others. Markets like El Paso and McAllen-Edinburg-Mission stood out with the highest increases in median price.
Properties remained on the market for extended periods throughout Texas, with the exception of Midland, where the duration remained unchanged. On a statewide scale, houses maintained an average listing period of 55 days, marking an increase of 20 days compared to the previous year.
"Despite headwinds from mortgage rates, Texas real estate sales continued at a healthy pace in 2023," chairman of Texas REALTORS Jef Conn said in the release. "Market conditions vary by location—even down to the neighborhood level—so it's always a smart move to work with a Realtor who knows your area."
The Texas Real Estate Year in Review Report obtains its data from the Data Relevance Project, a collaboration between local Realtor associations, their MLSs, and Texas REALTORS, with analysis conducted by the Texas Real Estate Research Center. This report offers annual real estate sales data on a statewide basis and for 25 metropolitan statistical areas across Texas. To view the entire report, visit the Texas REALTORS website.