Houston and Austin Show What a 'Choice Market' Looks Like

Buyers now have more leverage in several Texas metros. About 42% of U.S. listings have taken a price cut, above the 30% to 35% range considered normal, according to HousingWire Data.

National backdrop

• Inventory: up about 25,000 units since August

• Median days on market: rose from 63 to 70

Houston

• Median price: $370,000

• Supply: 4.6 months

• Listings with cuts: 40.1%

• Sales: a Homes.com report on August Texas sales said Houston hit its lowest mark in nine years

Austin

• Median price: $449,990 and about 4 months of supply

• Listings with cuts: 52.5%, the highest share among large metros

• Sales: 2,440 homes in August, down 3% year over year and about 25% below the market's pre-pandemic norm

 

 

Why Texas is under pressure

Nimesh Patel, a broker-owner at REMAX Fine Properties in Sugar Land who works both markets, said buyers have gained more choice. New construction and rising insurance costs add to the strain on sellers.

Where it is still hot

Smaller markets such as Charleston, WV and Mansfield, OH remain among the tightest, a reminder that the national picture hides wide gaps.

What buyers can do

Ask for seller credits, rate buydowns and repairs. In Houston and Austin, patience can pay.