FBCAD Chief Appraiser Jordan Wise said in the release the Fort Bend County housing market seems to have stabilized at the beginning of 2024.
“Sales volume has dipped, but historic and ongoing demand for property in Fort Bend County has kept prices relatively stable,” he said.
During an April 23 Fort Bend County Commissioners Court meeting, Wise said key market drivers for property values increasing include:
- Rising interest rates
- Inflation
- Slowed new construction
- Overall demand being lower, but steady
- Demand for luxury homes being down 24%
- Investor purchases dropping nearly 50% nationwide
- Inventory remaining low
Homes valued over $750,000 had the highest percentage of value increases among the four property value ranges with 70.03%. While homes in the $200,000-$299,999 value saw the highest percentage decrease with 34.12% between 2023-24.What’s next
The deadline for homeowners to apply for property tax exemptions passed April 30, and the deadline to file a protest against a home value was May 15, or within 30 days of receiving a property value notice being mailed.
For the last three years, more than 50% of property value protests filed in Fort Bend County received a lowered negotiated value, according to data from the appraisal district. Protest data for 2024 values isn’t yet available.However, county officials said property owners should take note of several upcoming dates related to when tax rates are set and when bills will be mailed out, including:
- August-October: Local jurisdictions adopt tax rates
- October/November: Tax bills are mailed
- Dec. 31: Last day to use a deduction for the same year’s federal income tax
