Texas Gulf Coast July 2024 Real Estate Market Reports

July 2024 housing data from Texas Realtors indicates a significant rise in inventory levels, though sales and pricing trends showed mixed results across the Texas coast. As buyers hold off in anticipation of lower interest rates, the summer home buying season has slowed considerably. Let’s take a closer look at July 2024 real estate market reports for Galveston, South Padre Island, Port Aransas, North Padre Island, and Rockport.

Median home prices have varied, and July was no exception. Despite soaring inventory levels in each of the markets, median prices have not universally declined. In fact, Rockport saw pricing levels increase by almost 24% to $396,000 for the month while Galveston $400,000 and North Padre Island $427,500 were essentially flat when compared to a year ago. Port Aransas $706,500 and South Padre Island $397,000 both observed 15% decreases in July.

Sales trends were down significantly across the region, except for a slight 3% drop in North Padre Island. Port Aransas and South Padre Island faced declines over 60%, with Galveston and Rockport decreasing by 28% and 19%, respectively.

The big story remains the surge in active listings from Galveston to South Padre Island. The number of homes and condos for sale surged, with increases ranging from 43% to 74% above last year's levels. These increases propelled the Months of Inventory (MOI) figures to new heights. MOI estimates the time it would take to sell the current properties on the market based on the past 12 months of sales activity. July marks the third consecutive month that all markets had an MOI in excess of 10 months, with Port Aransas reaching an astonishing 18 months of inventory.

Despite a challenging market this summer, there is optimism for sellers and buyers alike. All indicators suggest that the Federal Reserve will cut interest rates before the year’s end. Rate cuts as well as an end to the uncertainties surrounding the U.S. presidential election will reinvigorate the markets.?Buyers are likely to return, seeking to take advantage of price reductions, with increased web traffic already showing interest in reduced-price homes and condos in Port Aransas.

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's twists and turns. Whether you're a seasoned investor or looking for a coastal retreat, we are here to assist you.