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South Galveston News

Thursday, November 21, 2024

How did home valuation prices perform in Galveston County during Q3 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 the third quarter of 2023 in Galveston County rose by $482, while total sales decreased by 79.4%, according to BlockShopper.com.

From July through September of 2023, 424 homes were sold in the county, with sale prices around $157,477. This is a 0.3% increase over the $156,995 median sale price during the same period in 2022, when there were 2,054 homes sold.

Based on the latest available data from 2018, the median sales tax on homes in Galveston County was $3,478, which equates to 2.2% of the median home sale price for the third quarter of 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 July 2022 to September 2023.

Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023$156,995$156,995$152,030$152,030$154,600$154,600$164,690$164,690$157,477$157,477

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