Homeowners in Austin, Dallas, and Houston, Texas, are struggling to sell their homes, according to a recent analysis of home listings by AgentStory.com, a tech real estate company that tracks agent performance.
Between September 2023 and February 2024, the former pandemic boomtown of Austin had a staggering 65 percent of home listings above $2 million which did not sell, meaning the listings either expired or were removed.
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The number of unsold homes went down to 48 percent for properties priced between $1 million and $2 million, 40 percent for homes priced between $800,000 and $1 million, and 36 percent for those priced between $450,000 and $800,000.
Homes listed for between $300,000 and $450,000 had an unsold rate of 37 percent, while those priced $300,000 or less had the lowest rate, at 18 percent, meaning that, unsurprisingly, cheaper homes are easier to offload.
Dallas and Houston presented very similar situations—though in Houston, the rate of unsold homes was relatively high across all price categories. In Houston, the most populous city in the Lone Star State, 55 percent of homes priced at $2 million and above were unsold between September 2023 and February 2024.
Some 51 percent of homes priced between $1 million and $2 million and 51 percent of properties listed for $800,000 to $1 million in Houston went unsold in the same period, while the number went up to 53 percent for homes priced between $450,000 and $800,000.
Properties priced between $300,000 and $450,000 had an unsold rate of 50 percent while those priced $300,000 or less had an unsold rate of 41 percent.
In Dallas, 51 percent of home listings above $2 million did not sell, against 36 percent of homes priced between $1 million and $2 million and 37 percent of properties listed for $800,000-$1 million. Some 35 percent of homes priced between $450,000 and $800,000 went unsold in the same period, against 38 percent of those rated $300,000 and $450,000 and 31 percent of those priced $300,000 and under.
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For all three cities, the highest unsold rates were for the most expensive properties. The median list price of homes in Texas is currently $380,000, according to Redfin's latest data. Austin, Dallas and Houston are the most expensive cities in the state, with a respective median list price of $650,000, $450,000 and $359,997.
The rate of unsold homes could be explained by buyers waiting for better opportunities as the homebuying season heats up.
An increase in inventory in the state, mainly due to the fact that Texas has been building more new homes than almost every other in the country, is also contributing to bringing prices modestly down—suggesting better opportunities might soon become available on the market.
"The surge in inventory, and associated decline in home prices that has started in some Texas metros, is great news for homebuyers across the state," Reventure CEO Nick Gerli previously told Newsweek. "It means that the state is starting to become a buyer's market. I wouldn't be surprised if things continue to get better for Texas buyers in 2024, given the still-high levels of building permits."
Are you a Texas homeowner trying to sell your home but struggling to find a buyer? Write about your experience to g.carbonaro@newsweek.com.
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About the writer
Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on U.S. and European politics, global affairs ... Read more
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