AUSTIN, Texas, March 4, 2022 /PRNewswire/ — For the seventh yr in a row, the variety of Texas house gross sales and median value hit a record-breaking excessive, in accordance with the 2021 Texas Actual Property 12 months in Evaluation report launched right now by Texas Realtors.
“2021 was an thrilling yr for Texas actual property,” mentioned Russell Berry, 2022 chairman of Texas Realtors. “Demand for housing hit an all-time excessive, and we noticed many multiple-offer conditions, together with houses that attracted dozens of gives and offered for effectively above asking value. Some consumers discovered it a irritating atmosphere. Working intently together with your Realtor—whether or not a vendor sorting by gives or a purchaser attempting to succeed with a proposal—has by no means been extra necessary.”
The variety of houses offered statewide elevated 6.2% in 2021, with 416,853 gross sales. Housing stock on the finish of the yr dropped to 1.2 months, a lower of 0.4 months from the top of 2020. In accordance with the Texas Actual Property Analysis Middle, a market balanced between provide and demand has between 6.0 and 6.5 months of stock.
Luis Torres, Ph.D., analysis economist with the Texas Actual Property Analysis Middle at Texas A&M College, commented, “Rising mortgage charges will weaken housing demand and subdue a few of the housing value pressures in 2022. The housing market will stay robust with the foremost headwind being the low stock of houses on the market particularly within the lower cost ranges. Homebuilders are attempting to meet up with demand, however are going through steep costs for land, supplies and labor. Anticipated enhancements in provide chain points ought to mitigate a few of the prices going through builders within the coming months, however new house development is predicted to lag housing demand.”
Median house value reached $300,000, up 15.7% from the prior yr. Median value per sq. foot of $150 represented a rise of 16.9% from 2020 and a 35.6% soar since 2017. Houses spent a median of 34 days in the marketplace, 21 days lower than 2020.
Chairman Berry concluded, “We’re seeing a whole lot of new-home development within the state, however the Texas inhabitants continues to develop as effectively. As demand stays excessive and costs rise, Realtors know the significance of engaged on methods to make sure homeownership stays attainable in Texas.”
Concerning the Texas Actual Property 12 months in Evaluation Report
Knowledge for the Texas Actual Property 12 months in Evaluation Report is supplied by the Knowledge Relevance Challenge, a partnership amongst native REALTOR® associations, their MLSs, and Texas REALTORS®, with evaluation by the Texas Actual Property Analysis Middle at Texas A&M College. The report gives annual actual property gross sales information from a statewide perspective and for 25 metropolitan statistical areas in Texas. To view the report in its entirety, go to TexasRealEstate.com.
About Texas REALTORS®
With greater than 150,000 members, Texas REALTORS® is knowledgeable membership group that represents all points of actual property in Texas. We’re the advocates for REALTORS® and personal property rights in Texas. Go to texasrealestate.com to study extra.
Contact: Hunter Dodson, [email protected]
SOURCE Texas Realtors