Texas Gulf Coast June 2024 Real Estate Market Reports

New monthly reports from Texas Realtors show that home sales retreated in June despite big gains in supply.? High mortgage rates are keeping a lid on the summer season, typically the busiest time of year in the housing markets on the Texas Coast.? What insights and forecasts can we draw for the remainder of 2024? Let’s take a look at the June 2024 real estate market trends for South Padre Island, Galveston, Port Aransas, Rockport, and North Padre?Island.

Median home pricing trends varied in June.? Galveston saw the largest year over year increase with pricing up 35% to $469,000.? North Padre Island increased 11% to $476,500 while South Padre Island recorded a 7% jump to $499,000. Rockport observed a modest increase of 3% to? $379,500.? Meanwhile, Port Aransas saw median prices fall by almost 18% compared to the same period last year as pricing dropped to $670,000. Despite the pricing decline, the Port Aransas real estate market upheld its longstanding pattern of achieving the highest median price on the Texas coast. This ongoing trend can be attributed to luxury home sales primarily in the beachfront communities of Cinnamon Shore and Palmilla Beach.

Closed sales were down considerably all along the coast. Galveston, South Padre Island, and Port Aransas experienced declines of 30% or more compared to June 2023, while sales in Rockport were off by 23% and North Padre Island registered a decline of just over 10%.

Many real estate markets in Texas and across the U.S. have been have been experiencing an inventory shortage with a limited number of residential properties for sale. The communities on the Texas coast are on the opposite end of the spectrum. Active listings surged dramatically across the board in June with increases ranging from 49% in North Padre Island to 75% in South Padre when compared to the previous year. These large increases have launched the Months of Inventory (MOI) figures to record levels. The calculation Months Of Inventory (MOI) estimates the time it would take to sell the homes currently on the market based on the past 12 months of sales activity. June’s MOI figures are as follows: Port Aransas 17, South Padre Island 12, Galveston, Rockport, and North Padre island finished the month with an MOI of 11. The increased housing supply is great news for consumers who want to see more properties before making purchasing decisions.

As we move towards the end of the year, there is a general consensus that the Federal Reserve may be nearing interest rate cuts, thanks to the improved trajectory of inflation. One or two rate cuts later this year could positively impact consumers who have been hesitant to enter the market. In this evolving real estate landscape, working with a skilled agent is key. At Port Aransas Realty, we are dedicated to providing insightful reports and advice to help you navigate the market’s twists and turns. Whether you're a seasoned investor or simply looking for a coastal retreat, we are here to assist you every step of the way.