TYLER, Texas (KETK) – The Texas housing market is showing signs of cooling down after the pandemic drove it to new heights last year. Local realtors break down the current state of the housing inventory.
“So, obviously, we are moving into a little bit of a different market,” said Macie Arrington, a Keller Williams Major Team Realtor. “I guess you could say a shift in the market has happened. We’ve seen quite a bit of price decreases over the last month or so and a few more houses on the market.”
Until just recently, buyers were competing with a limited supply of homes and offering more than the asking price just to make a bid on the spot. Now, there are more homes in East Texas that have been listed for sale than any other time since 2020.
“I haven’t seen anything outside of what we just went through. So, what we are walking into is a totally new ball game for me. As I said, I’m really excited about it but I also really don’t know what to expect,” said Arrington.
Realtors like Arrington said the hot market is the only world they’ve known. Arrington sold 20 units during her first year in the industry.
“The average realtor sells six homes a year. So, I would assume that it’s okay. When you’re in it, it doesn’t feel like I have to do more and more. But when you look at the numbers you go, Oh! I guess I did okay,” said Arrington.
According to the Greater Tyler Association of Realtors, within the counties they cover, the median price of a house is at least 15% higher than it was in August of 2021. Experts said we could be shifting into a more neutral market than what we’ve seen since the pandemic.
“I don’t know if we’ll ever see another real estate market like the one we’ve had. It was such a strong seller’s market that it’s becoming. For the last two years, we’ve heard buyers complain over and over ‘I want a house! I want a house!’ I’m going 20,000 over the asking price and I cannot obtain a house,” said John Wampler, chairman and realtor of Greater Tyler Association of Realtors. “So now, we are having more houses hit the market. Interest rates are up a little bit but it’s cooled down some buyers so you have the opportunity to buy a house. It’s now a more negotiable market for buyers and sellers are still getting great prices for homes at the same time.”
The average number of days for houses staying on the market in East Texas is 69, which is two more than in the years previous.
“Speak with local lenders that are knowledgeable about the grant, and hopefully that’ll give them a leg up on obtaining a property,” said Wampler.
All numbers compared to August of 2021 from the Greater Tyler Association of Realtors:
Wood County: Median price- $ 285,000, up 16.6%
Cherokee County: Median price- $260,600, up 26.6 %
Hopkins County: Median price- $263,500, up 15.3%
Franklin County: Median price- $465,000, up 16.5%
Smith County: Median price- $305,000, up 17.4%
Rains County: Median price- $230,000, up 27.8%