Despite the economy's quick post-pandemic growth, Texas isn't immune to the pressure that higher interest rates have put on the housing market, according to a new study from real estate data company Agent Advice.
Researchers looked at the 950 most recent properties to sell in housing markets nationwide to determine which had the highest percentage of homes sold below the listed price. Texas ranked as the state with the seventh-highest number of home sales below market value. Florida took the top spot, with nearly 70% of homes selling for less than they're worth, according to the study.
Indeed, the median price of single-family homes in the Alamo City dropped 2% between April 2023 and April of this year, hitting $310,000, according to theHowever, with the Federal Reserve still hesitant to lower interest rates, sluggish home sales and price reductions don't appear to be going away anytime soon.