Texas tops build-to-rent completions in 2024

🙋 Tuesday's back! We are looking at agents making more money, Texas topping build-to-rent completions, and a trade secrets case against CoStar.

Today's newsletter is 596 words — a 2.5-minute read.

1. Agents are making more money despite the tough market

Redfin's latest industry survey found that most agents earned more money in 2024. The biggest jump was among agents making six figures: The percentage of those earning between $100,000 and $200,000 increased from 14% in 2023 to 19% in 2024.

Nearly three out of five (58%) agents earned more than $50,000 in 2024, up from 49% in 2023.

The survey, which involved 500 non-Redfin agents who closed at least one deal in 2024, also found an uptick in completed transactions. The share of agents who closed five to nine deals increased from 19% in 2023 to 27% last year, while the share that closed 10-19 transactions jumped from 26% to 30%, and 15% of agents closed at least 20.

2. Texas tops build-to-rent completions in 2024

According to Point2Homes, the build-to-rent (BTR) market hit a new milestone in 2024, with 39,000 single-family rental homes completed - a 15.5% YoY increase and the highest on record.

Texas topped the list with 6,994 new single-family rental homes completed. Among metro areas, Dallas ranked second with 3,197 new units added in 2024.

Top 10 states for most build-to-rent completions in 2024

A MESSAGE FROM DAVE YOUR MORTGAGE GUY

DSCR Loans are an Investor’s Best Friend!

Trust me and tune in for how they work…..

3. Catch up quick

💰 Top brokerages by 2024 sales volume. (T3 Sixty)

⚖️ Headcount is shrinking at the world’s largest real estate brokerage amid sexual assault lawsuits. (Fortune)

🏡 CoStar shakes up board, focuses on Homes.com profitability. (CoStar)

📊 Homebuilder completed unsold inventory hits 15-year high. (ResiClub)

🔻 68% of condos sold below list price in February. (Redfin)

🏎️ Fun read: First-of-its-kind luxury car condos rolling into San Antonio. (MySA)

A MESSAGE FROM NO SCRUBS

NoScrubs: The fastest, most affordable laundry delivery service

• Super fast, 2-3 hour from pickup to delivery

• Professionally folded and quality guaranteed

• Luxury service at an affordable price

Sign up now at noscrubs.io

4. Trump's tariffs may raise new-home costs by $9200

According to the March 2025 NAHB/Wells Fargo Housing Market Index, homebuilders expect an average cost increase of $9,200 per home due to the new tariffs.

While the tariffs will raise construction costs, the majority of the housing market consists of previously owned homes.

In March, about 18% of homes listed for sale nationwide were new builds. However, new construction plays an outsized role in certain states, like Texas, where 27% of listings last month were new homes.

New construction share of listings by State: March 2025

5. Move to dismiss trade secrets case against CoStar

Move Inc. has agreed to end a lawsuit that accused rival CoStar Group of poaching one of its former employees to steal its trade secrets, according to a Monday filing.

The filing said that Move's Realtor.com would dismiss its case with prejudice, which means it cannot be refiled.

A Realtor.com spokesperson said in a statement that the company dismissed the lawsuit because it had settled with ex-employee James Kaminsky, who no longer works at CoStar.

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.

Interested in advertising to 50k+ Texas Realtors? Email [email protected]