If You're Looking For A Home, Texas Has 88,000 For Sale — Over 10% Of The National Inventory

For many prospective homeowners, the lack of housing availability in their local markets is driving up prices and limiting their options. 

But that's not the case in Texas, where some estimates have 88,000 homes of all shapes and sizes for sale. The number represents nearly 10% of the total inventory of 800,000 homes available nationwide. More importantly, it means that the oversupply might create one of the nation's most buyer-friendly and affordable housing markets.

Speaking to Newsweek magazine, real estate data company Reventure CEO Nick Gerley said Texas has more housing availability than at any time since 2019, and this glut of homes is turning Texas into a great place to look for value and upside. Gerli went further on X, where he noted several Dallas submarkets where an increase in available inventory is putting downward pressure on prices.

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Music To Homebuyers' Ears

The prospect of a buyer's market existing anywhere in America is music to homebuyers' ears. The situation in Texas is the opposite of what exists in many of America's major real estate markets, where a lack of inventory has seen prices remain stubbornly out of reach, even as interest rates flirt with the 7% mark.

This, paired with the lack of a state income tax and several large metro areas, such as Houston, Dallas and San Antonio, with plenty of employment opportunities across a wide range of sectors, has led to a sustained population boom that began before the pandemic, but started to tail off as COVID-19's worst effects began to wane. The initial population surge led to a building boom, but once that surge slowed, Texas found itself in a unique position.

More Homes In The Pipeline

Not only does Texas have an abundance of homes for sale, but it also has even more coming online. Reventure's data shows that another 222,000 housing permits were applied for in the Lone Star State in 2023, which means there could be an oversupply of housing soon. That's not necessarily great news for homebuilders, but it could be a huge win for prospective buyers.

One of the strongest draws for almost all of the state's largest cities is the fact that despite their size, Houston, San Antonio and Dallas all have average home prices lower than the national average. Texas also has so much open land that builders have plenty of space in between its large metro areas to keep building suburbs and exurbs.

According to Gerli, the highest concentration of availability is in Central Texas, where Austin, San Antonio, Killeen and Waco all feature availability that significantly outpaces the national average. Best of all, much of the new inventory in Texas is affordable,  at least relative to what's under development in the Northeast and West Coast. So, if you're tired of low availability and high prices, give Texas a look.

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