Median home sales in Texas are down. These are the cheapest metros to buy a house
While Texas median house prices dropped statewide, prices rose in almost half of the state’s metropolitan areas, according to data from Texas Realtors released this summer.
The median sales price dropped to $345,000 from $357,388 in the same period last year.
The July report looks at quarterly real estate sales data for the state and 25 metropolitan statistical areas.
“There’s a saying that all real estate is local, and the second quarter this year showed how true that is,” Marcus Phipps, 2023 Chairman of the Texas Realtors, said in a news release, referring to the difference between statewide prices and individual markets.
Inventory of homes increased to 3.2 months from two from the same period last year. “While the increased inventory is a welcome trend for buyers, it still indicates a tight supply of homes,” according to the report.
Plus, Texas homes spent more time on the market — an average of 87 days — before closing. That’s 20 days longer than last year.
Wichita Falls had the lowest median house price at $199,375, an increase of 4.9% from last year. Texarkana had the second-lowest median at $200,000, down 8.9%.
Austin topped the list with a median of $470,000, down 13.8% from last year. The Dallas-Fort Worth-Arlington metro followed at $404,999, down 4.7%.
The Dallas metro also had the largest population increase of any metro area in the country between 2021 and 2022, according to data from the U.S. Census Bureau released in May, with a jump of 170,396 people. The Austin metro added 63,000 residents in the same time period.
By comparison, Wichita Falls saw a population change of just .3% from 2020 to 2022 — a difference of 348 people.
Top five cheapest metros
Wichita Falls
Median price of homes: $199,375, up 4.9%
Texarkana
Median price of homes: $200,000, down 8.9%
Beaumont-Port Arthur
Median price of homes: 210,000, no change
Abilene
Median price of homes: $225,000, down 10%
El Paso
Median price of homes: $225,000, up 7.70%.
Top five most expensive metros
Austin-Round Rock
Median price of homes: $470,000, down 13.8%
Dallas-Fort Worth-Arlington
Median price of homes: $404,999, down 4.7%
Houston - The Woodlands - Sugar Land
Median price of homes: $338,000, down 3.4%
Midland
Median price of homes: $335,000, up 1.5%
Tyler
Median price of homes: $321,500, up 3%
Here’s the full list, from cheapest to most expensive:
Wichita Falls — $199,375
Texarkana — $200,000
Beaumont-Port Arthur — $210,000
Abilene — $225,000
El Paso — $225,000
Victoria — $229,000
Laredo — $230,000.00
McAllen-Edinburg - Mission — $239,900
San Angelo — $242,000
Amarillo — $245,000
Longview — $245,000
Lubbock — $247,590
Odessa — $250,000
Brownsville-Harlingen — $265,000
Killeen-Temple — $275,000
Waco — $285,000
Corpus Christi — $290,000
College Station-Bryan — $309,409
Sherman-Denison — $315,000
San Antonio-New Braunfels — $318,300
Tyler — $321,500
Midland — $335,000
Houston - The Woodlands - Sugar Land — $338,000
Dallas-Fort Worth-Arlington — $404,999
Austin-Round Rock — $470,000
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