Texas REALTORS®: Texas Housing Market Stabilized in 2022

March 15, 2023by Brian Talley

The Texas real estate market showed signs of stabilization in 2022, following the volatility of the previous two years, according to the Texas REALTORS® 2022 Texas Real Estate Year in Review. Factors included more consistent growth in sales prices, less differential between list price and sales price, and fewer sales overall. However, the market remains strong and is considered a seller’s market, helped along by low unemployment rates, increased per capita income, and population growth.

The median price of a Texas home increased 13.3 percent for the year to $340,000, while homes spent an average of 35 days on the market, only one more day than the previous year. The number of homes sold declined 11.3 percent to 367,472 sales, “after two years of unprecedented growth.” Even with the decline, the number of sales is the third highest on record.

“2022 was a year of encouraging trends and stabilization for Texas real estate,” said Texas REALTORS® Chairman Marcus Phipps. “The economic conditions throughout the state resulted in another year of high demand … We’re also seeing accepted offers come much more in line with listing prices rather than the bidding wars that had been common in many Texas markets.”