Median home prices in Texas increased $112,200 over the past decade amid steadily increasing numbers of homes sold each year, according to a report released today by Texas REALTORS®. The report, A Decade in Texas Real Estate, features statewide and local-market data on total homes sold, median price, days on market and average price per square foot for each of the past 10 years.
“We’ve had a dynamic real estate market in Texas over the past decade,” said Marvin Jolly, chairman of Texas REALTORS®. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new home technologies, and, of course, the pandemic. Through it all, REALTORS® have helped buyers, sellers, and property owners achieve their goals.”
A total of 3,118,089 homes were sold in the state during the decade. The median price increased from $146,988 at the end of 2011 to $259,188 at the end of 2020, a 76% jump. Three-quarters of homes sold in the past decade were located in the state’s four largest metro areas (Austin-Round Rock, Dallas-Fort Worth-Arlington, Houston-The Woodlands-Sugarland, San Antonio-New Braunfels), with Dallas-Fort Worth-Arlington topping the list at 923,528 homes sold.
Luis Torres, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University, commented, “The Texas housing market thrived during the last decade. It expanded at a record pace, achieving consistent home sales growth each year and strong home price growth during the decade.”
The report also details how the time homes spent on the market has decreased, suggesting that continued high demand and limited supply is requiring buyers to make quicker decisions. In 2011, homes spent an average 93 days on the market, which dipped by 41% to 55 days in 2020. On the rise, however, is the price per square foot, climbing more than 40% to a median $141.
Chairman Jolly added, “Millions of Texans learned first-hand over the past 10 years how valuable it is to work with a REALTOR® on their real estate transactions, but that’s only part of the picture. REALTORS® also helped people recover from Hurricane Harvey and other disasters, volunteered with countless organizations to strengthen their communities, and worked tirelessly with officials at all levels of government to ensure that Texas remains a great place to live, raise a family, own a business, and enjoy property ownership. REALTORS® will continue to work on behalf of Texans in the decades to come.”
Source: Texas REALTORS®