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Texas Housing Market 2024: Trends, Insights, and Opportunities

July 31, 2024
Texas Housing 2024

Navigating the Texas housing market in 2024 presents a unique landscape shaped by recent trends and economic forces. While U.S. home values are on the rise overall, Texas is seeing mixed results. In 2023, higher mortgage rates discouraged some buyers, leading to the state’s lowest home sales since 2016. The median home price statewide dipped 1.4% to $335,100, with Austin-Round Rock notably seeing a 10.4% drop, despite Austin itself having the highest median price at $450,000, according to the Texas Realtors’ 2023 Real Estate Year in Review.

On the other side of the scale, El Paso posted a 7.6% price increase for the year, while the median sales price in McAllen-Edinburg-Mission was up 6.8%. But the Lone Star State’s two biggest metro areas showed tepid results. In the Dallas-Fort Worth area, the median price fell 1.3%, to $395,000. And in Houston, the median price was off 1.5%, to $330,000.

Texas’ strong economy, sunny climate, and favorable cost of living continue to attract buyers from across the country and around the globe. In the year from March 2023 to March 2024 alone, Texas added an impressive 270,700 jobs, marking one of the strongest job growth rates in the nation as reported by the U.S. Labor Department.

As you assist borrowers across Texas, understanding these market dynamics is crucial for navigating opportunities and leveraging LendSure’s tailored lending programs designed to support your clients in this dynamic real estate landscape. Here are a few of LendSure’s programs that can help you build your business in the Lone Star State:

  • The High DTI program. Designed for flexibility, our 55% DTI 40-year Interest Only product supports borrowers with higher debt-to-income ratios, featuring reduced monthly payments through an extended amortization schedule and interest-only options.
  • DSCR loans for investment properties. By assessing market rents rather than just current income, our DSCR program accommodates investors seeking approval based on future property performance, including properties with up to eight units.
  • Full-doc investment loans. Our innovative approach to rental income calculation considers negative cash flows, potentially lowering DTIs and securing better rates for borrowers investing in Texas real estate.
  • Condo loans. LendSure’s common-sense approach extends to condos. The latest condo guidelines from Fannie Mae and Freddie Mac make it tough for many properties to qualify for traditional financing. LendSure’s common-sense rules allow for approvals of non-warrantable condos that the agencies reject, including condotels.

The LendSure Way

It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.

Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.

Contact Us: (888) 707-7811