How the 2024 Election Could Impact the Texas Housing Market: What Buyers and Sellers Need to Know

With the 2024 election around the corner, it’s natural for questions to arise about how the outcome might impact the Texas housing market. Buying or selling a home during an election year can feel a bit uncertain, as the news cycle is often filled with speculation about policy changes, interest rates, and inflation. However, for those looking to buy or sell in Texas, it’s worth noting that the election is unlikely to bring major, immediate changes to the housing market.

In Texas—especially in Northeast Texas—our real estate market has its own set of local factors that play a more significant role in home prices and buyer demand than national politics. Any policy changes introduced by the newly elected or re-elected president in January 2025 would still take time to pass through the necessary channels and be implemented. Here’s what to consider when navigating the Texas real estate market during and after the 2024 election.

Large Policy Changes Take Time to Implement

One of the primary concerns for many people during an election year is the possibility of new policies affecting the economy and, consequently, the housing market. However, even if major policy shifts are proposed by a new or returning administration, they take time to make an impact. The new president won’t take office until January 2025, and even then, policies that could influence real estate will likely face a lengthy legislative process.

So, for buyers or sellers wondering whether to hold off, it’s important to remember that meaningful changes in policy won’t happen overnight. Even if new housing initiatives or economic policies are discussed during the campaign, they won’t create immediate changes. Those looking to buy or sell in Texas would likely find it more beneficial to base their decisions on current conditions and personal goals rather than wait for uncertain policies.

Interest Rates Are Tied to Economic Cycles, Not Election Cycles

Interest rates are often a focal point during election years, as they can influence affordability and buyer decisions. However, it’s worth noting that the Federal Reserve, not the president or Congress, is responsible for setting interest rates. The Fed’s goal is to maintain balance in the economy, making adjustments to interest rates as needed based on factors like inflation, employment, and economic growth.

While the Fed may make rate adjustments in response to economic conditions, these changes aren’t directly tied to election outcomes. Instead, the Fed monitors economic indicators and acts accordingly, which is why interest rates naturally fluctuate over time. So, while rates might move slightly up or down in 2024, any major changes would likely occur gradually as part of the broader economic cycle. For buyers, this means that waiting for post-election conditions might not significantly affect borrowing costs. For sellers, current interest rates are still favorable for attracting buyers, particularly in Texas, where demand remains steady.

Inflation and Housing Prices Are Likely to Follow Natural Cycles

Inflation can also be a hot topic during election years, especially as it impacts consumer purchasing power. However, the Texas housing market, particularly in Northeast Texas, is more influenced by local supply and demand than by fluctuations in national inflation levels. Property values in Texas tend to follow long-term trends driven by regional factors, which include job growth, population trends, and housing demand.

Given the strong appeal of Texas real estate, buyers continue to be interested in our market, even when inflationary pressures are present. For sellers, steady demand from both local buyers and out-of-state residents means that home prices are likely to remain stable, as they’re more influenced by supply and demand rather than by national economic inflation trends.

Texas Real Estate: Why Waiting Until After the Election Might Not Be Necessary

It’s understandable for some buyers and sellers to feel like waiting until after the election might bring more clarity. However, real estate is often better navigated based on personal goals and timing rather than waiting for changes in the political landscape. In Texas, the current market conditions are favorable for both buyers and sellers.

For buyers, Texas real estate offers a variety of home options, from rural properties to suburban homes, making it possible to find affordable options across the state. Waiting on the sidelines due to election uncertainty could mean missing out on favorable market conditions that are available now. If personal circumstances or life changes are prompting you to buy a home, the benefits of moving forward could outweigh the unknowns.

For sellers, the current demand in Northeast Texas makes it a good time to consider listing. Out-of-state buyers, particularly from more expensive housing markets, continue to see Texas as an appealing destination due to the quality of life and relative affordability. Putting your home on the market now allows you to take advantage of this ongoing interest.

The Texas Market in 2025: A Positive Outlook for Buyers and Sellers

Whether you’re a buyer or a seller, it’s helpful to focus on the strength and opportunities of the Texas housing market rather than on short-term election concerns. As we move through 2024, it’s likely that any market changes related to inflation or interest rates will follow normal economic cycles rather than be directly tied to the election. The housing market naturally experiences shifts, but Texas real estate has consistently drawn buyers looking for good value and a high quality of life.

A healthy economy, population growth, and local buyer demand all support a stable housing market, making Texas a place where both buyers and sellers can feel confident about their choices. By focusing on your individual goals, whether that’s buying a home or listing a property, you’ll be better positioned to make decisions that work for you rather than waiting for political or economic changes that may not bring major shifts to the Texas market.

Moving Forward into 2025 with Confidence

The 2024 election may bring some degree of speculation, but for those in Texas real estate, the best approach is to move forward based on the local market’s strengths and current conditions. Buyers looking for a home in Texas have the benefit of varied housing options, steady demand, and favorable buying conditions, making it a good time to invest in real estate. Sellers, meanwhile, can feel confident that the interest in Texas real estate, particularly in Northeast Texas, remains strong as more people continue to relocate to the area.

In summary, while election years can bring a bit of uncertainty, any significant impacts from the 2024 election on the Texas housing market are likely to be gradual and influenced by a range of factors beyond politics. By focusing on your personal goals and the current conditions, you’ll be able to navigate the Texas market with confidence, whether you’re looking to buy, sell, or invest.

If you're looking to buy or sell real estate, reach out to Leah Rolen—your local Realtor with the experience to guide you through any market, election year or not. Contact her at 469-744-5309 or leah@leahrolen.com.