Galveston, TX housing market

The story in Galveston right now is a market that has softened. The typical home value sits at about two hundred ninety-two thousand dollars, down nearly 7 percent over the past year. That is a real decline, not a rounding error, and it changes how a seller should think about pricing. There are around one thousand four hundred homes for sale, and homes are taking their time to move, with a median of about 83 days on the market. That is close to three months before a typical sale. At the same time, the median list price is about three hundred ninety-eight thousand dollars, well above what homes are actually valued at, which tells you some sellers are still aiming high. Only about 16 percent of listings have cut their price so far, and with just 178 new listings this month, supply is not flooding in. Put it together and the message is simple. If you price to today's value in Galveston, you can still sell. If you chase last year's number, you will sit.