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South Galveston News

Tuesday, November 5, 2024

Galveston County home prices fell in 2023

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Galveston County Clerk Dwight D. Sullivan (2023) | Galveston County

Galveston County Clerk Dwight D. Sullivan (2023) | Galveston County

The median sale price of a home sold in 2023 in Galveston County fell by $2,409, while total sales decreased by 80.8%, according to BlockShopper.com.

Throughout 2023, 1,503 homes were sold in the county, with a median sale price of $155,960. This is a 1.5% decrease from the $158,369 median sale price during the same period in 2022, when there were 7,848 homes sold.

Based on the latest available data from 2018, the median sales tax in Galveston County was $3,478, which stands at 2.2% of the median home sale price for 2023.

The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market's value in 2000.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.

The following histogram displays changes in median sales prices in Galveston County from January 2022 to December 2023.

20222023$158,369$158,369$155,960$155,960

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