Texas Gulf Coast September 2024 Real Estate Market Reports

According to September 2024 housing data from Texas Realtors, inventory levels continued to rise significantly, but sales and pricing trends varied across the Texas coast. With many buyers delaying their purchases in hopes of lower interest rates, the typically active summer home-buying season saw a notable slowdown. Here's a closer look at the real estate market reports for September 2024 in: Galveston, South Padre Island, Port Aransas, North Padre Island, and Rockport.

Median home pricing trends have varied so far this year, and September followed that pattern. Even with soaring inventory levels in each of the coastal markets, median prices have not uniformly dropped. In fact, North Padre Island saw pricing levels jump by 25% to $487,000 for the month while Galveston increased 13% to $440,000 and South Padre Island edged higher by 3% to $430,000. Port Aransas $757,500 and Rockport $408,750 both observed price declines of over 7% in September.

Residential sales saw significant declines all along the Texas coast in September. Rockport experienced an 11% drop in sales, while Port Aransas saw a sharper decline of 20%. North Padre Island sales were down by 33%, and both Galveston and South Padre Island faced even steeper decreases, with sales falling by 37% and 57%, respectively.

Soaring vacation home and condo inventory continues to be the biggest story of the summer. The number of coastal properties for sale continued to surge in September with market increases ranging from 28% to 87% above last year's levels. These increases pushed the Months of Inventory (MOI) figures higher in each of the communities. MOI estimates the time it would take to sell the current properties on the market based on the past 12 months of sales activity. September marks the fifth consecutive month that each of the coastal markets had an MOI in excess of 10 months, with Port Aransas witnessing almost 18 months of inventory.

Despite a tough market over the summer, there’s reason for optimism for both buyers and sellers. All signs point to the Federal Reserve making additional interest rate cuts before the end of the year. These cuts, along with the resolution of uncertainties surrounding the U.S. presidential election, should help reinvigorate the real estate markets. Buyers are likely to return, eager to capitalize on the large selection of homes and condos available for sale. Recent increases in web traffic suggest that home shopping is already picking up.

Our monthly housing reports offer the most complete, accurate housing market data on the Texas coast, reporting on the Galveston, South Padre Island, Port Aransas, Rockport and North Padre Island real estate markets. At Port Aransas Realty, we’re dedicated to providing insightful reports to help you navigate the market trends. Whether you're a seasoned investor or looking for a coastal retreat, we are here to assist you.