Is 78616, TX a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 78616 is a buyer's market

Buyer's
Market

Difference Since October 2023

Since last year, 78616 has remained a Buyer's Market.

Key Takeaway

78616 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 78616, TX

How much do homes in 78616, TX cost?

Median Sold Price

$442,500

$237/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$25,000(-5.3%)

Key Takeaway

Homes in 78616 have sold for 5.3% less than they did a year ago.

Summary: The median home sold price in 78616 was $442,500 in October 2024, down 5.3% from last year, and the median price per square foot was $237.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $289K$295K
+2.1%
2 $492K$338.7K
-31.1%
3 $447.4K$365K
-18.4%
4 $480K$487K
+1.5%
5+ $632.5K$466K
-26.3%

Summary: 78616 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.1%, 2 bedroom homes decreased by 31.1%, 3 bedroom homes decreased by 18.4%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes decreased by 26.3%.

Median Sold Price Compared To Nearby Zip Codes

78644
-2.7%
78616
-5.3%
78612
-7.9%

Housing Supply in 78616, TX

How many homes are available in 78616, TX?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2530+20.0%

Summary: The 78616 real estate market had 30 homes for sale in October 2024, a 20.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 11
0.0%
3 1315
+15.4%
4 99
0.0%
5+ 24
+100.0%

Summary: The 78616 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 15.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 78616, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 78616 in October 2024, up by 300.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.

Days on Market for 78616, TX

How long does it take to sell a home in 78616, TX?

Average Sale Time

Oct 2023Oct 2024CHANGE
86 Days83 Days-3.8%

Summary: Homes in 78616 had an average of 83 days on market in Oct 2024, down by 3.8% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 78616 has remained consistent over time.

Summary: During October 2024, 4 homes were sold in 78616; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 78616, TX

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