People are always speculating about the real estate market. As we head very shortly into 2024, here is what real estate in Texas might be for the new year. Find out the hottest areas in the Lone Star State and what data was used to develop this educated hypothesis.
The National Association of Realtors (NAR) studied several factors to determine the top 10 hottest areas for the real estate market in 2024. They looked at ten criteria, including crime rates to job growth in areas throughout the entire United States. Researchers also took into consideration the affordability of listings and the number of potential sellers. To see all the criteria, you can read about them in “Markets with the Most Pent-Up Housing Demand.”
Of the top ten markets in the US, three are in Texas.
Austin-Round Rock-Georgetown
Coming in at the top spot, the cities of Austin, Round Rock, and Georgetown are expected to the be hottest real estate market in Texas and the United States as a whole. It tops the list because of two strong reasons. First, it has the highest number of returning buyers. As interest rates are expected to drop next year, more people in this area will be able to afford a median home. In addition, this area has high numbers of high-earning millennials coming to live. The combination of these two factors gives Austin and surrounding cities a strong real estate market.
Dallas-Ft.Worth-Arlington
Right under Austin, the Dallas Metroplex earns the #2 position. Not only does the Dallas area have the second fastest-growing economy but it also has a large number of renters that can afford to purchase a house. In fact, 22% of all renters in Dallas can afford a median-priced home. A strong economy and job growth combine to send the cities of Dallas, Fort Worth, and Arlington to the top of the list.
Houston-The Woodlands-Sugar Land
Rounding out the “Texas Triangle”, Houston and surrounding cities land in the #6 spot on the list of the hottest areas for the real estate market. The NAR writes, “Affordability and strong job and wage growth in Houston will boost activity in this market in 2024.” Residents in these cities have seen a fourfold increase in their wages, which helps make the homebuying dream possible and affordable.
Considering The Woodlands is in Montgomery County and near Conroe, Lake Conroe, and Montgomery, we can expect real estate in Texas in 2024 to be strong and stable. Texas continues to be in a great situation with a robust economy and steady growth. If you are looking to move to the Houston area, let Mike Goins know. Call him at 936-444-5929. Discuss your options with one of the best realtors in Texas.
You can also read more in “Texas is Home to the 3 Hottest Real Estate Markets in the US for 2024″ by Lori Crofford.