Kelly Kelley
Galveston, TX
Single-Family Homes
Broker Associate/ RE/MAX Leading Edge / CPA
Galveston, TX
Sat Apr 27 2024
This week the median list price for Galveston, TX is $550,000 with the market action index hovering around 26. This is about the same as last month's market action index of 26. Inventory has increased to 769.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.
Real-Time Market Profile
| Median List Price | $550,000 | |
| Median Price of New Listings | $673,994 | |
| Per Square Foot | $362 | |
| Average Days on Market | 142 | |
| Median Days on Market | 84 | |
| Price Decreased | 43% | |
| Price Increased | 2% | |
| Relisted | 16% | |
| Inventory | 769 | |
| Median Rent | ||
| Market Action | 26 | |
| Slight Buyer's Advantage | ||
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,192,500 | 2,691 | 6,500 - 8,000 sqft | 4 | 3.5 | 20 | 13 | 6 | 70 |
| $665,450 | 1,662 | 4,500 - 6,500 sqft | 3 | 2 | 28 | 16 | 13 | 87 |
| $475,000 | 1,466 | 4,500 - 6,500 sqft | 3 | 2 | 52 | 7 | 8 | 84 |
| $325,000 | 1,100 | 4,500 - 6,500 sqft | 3 | 2 | 64 | 10 | 11 | 112 |