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Texas Gulf Coast Real Estate Market Report August 2023

By
Real Estate Broker/Owner with Port Aransas Realty Lic# 543729

In the ever-fluctuating world of real estate, it's essential to stay updated on the latest market trends and conditions. The Texas Gulf Coast real estate market is no exception, and August 2023 brought some notable changes. Housing reports from Texas Realtors indicate that the market witnessed a shift in median pricing and closed sales. In this blog post, we'll delve into the key takeaways from August's real estate data and what they mean for both potential buyers and sellers in the region.

The Texas Gulf Coast real estate markets have been known for their resilience, but August marked a departure from the norm. Median pricing in each of these markets experienced a decline, which is a rare occurrence. While it's essential to note that a single month's data doesn't necessarily establish a long-term trend, it's still a noteworthy development.

Port Aransas continued to boast the highest median price on the Texas coast, coming in at $707,500 in August. However, this figure represented a 7.2% decrease compared to the previous year. Rockport saw the most substantial downturn, with a 13.7% decrease for the month, while other markets experienced more modest, single-digit declines.

Closed sales levels in August exhibited significant variations across different Gulf Coast markets. Port Aransas and Galveston stood out with increases of 12.5% and 5.5%, respectively, compared to the previous year. However, Rockport, North Padre Island real estate, and South Padre Island witnessed declines of 40.8%, 30%, and 19.1%, respectively.

In contrast to many other real estate markets in Texas and the United States as a whole, the Texas Gulf Coast saw a surge in inventory levels. This stretch of coastline, spanning from Galveston to South Padre Island, reported the highest inventory levels in years. Galveston led the pack with an astounding 76.1% increase in active listings compared to August 2022. South Padre, North Padre, Port Aransas, and Rockport also recorded substantial increases ranging from 40% to 60% year-over-year.

These inventory surges have led to Months of Inventory (MOI) figures that are well beyond recent historical averages. For instance, Port Aransas remains an outlier with an MOI of 10.4, while North Padre Island climbed to 5.6, aligning with other markets along the Texas coast.

For potential homebuyers, the current market conditions present a promising opportunity to find a home at a slightly lower price. The increase in housing supply and decreased competition could provide buyers with more negotiating power. 

For sellers, the landscape may appear more challenging due to recent price softening and a reduced pool of buyers. However, it's worth noting that properties are still selling. To maximize your chances of success in this market, partnering with a skilled real estate agent is crucial. Ensure your property is competitively priced and professionally marketed to reach a wide audience of prospective buyers.

The Texas Gulf Coast real estate market experienced notable shifts in August 2023, with declining median prices, varying closed sales levels, and a surge in inventory. While these changes may present challenges for some, they also offer opportunities for both buyers and sellers. Staying informed and working with a trusted real estate professional can help you navigate this dynamic market successfully. Keep an eye on future developments, as the real estate landscape is ever-evolving.

South Padre Island real estate market report

Galveston Texas real estate market report

Port Aransas real estate market report

North Padre Island real estate market report

Rockport Texas real estate market report

Comments(4)

Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Excellent post, Keith. Very informative. Good opportunity for buyers!

Sep 17, 2023 06:04 PM
Keith McMullin
Port Aransas Realty - Port Aransas, TX
Port Aransas Real Estate

Thank you!  I've been posting this info on LinkedIn for a long time and thought I should share on AR as well. Have a great day!

Sep 18, 2023 02:23 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Keith. A local market report from an active agent with eyes on the ground is priceless. Thanks! Enjoy your day.

Sep 18, 2023 04:24 AM