A snapshot of the Texas housing market By Sharon Bartlett
T
PHOTOS FROM 123RF
he Texas housing market is continuously evolving and growing. We can prove this by the sheer intensity of multiple offers and the incredibly low volume we are experiencing. Recently, research data from various sources was compiled by the Texas Association of Realtors to provide the market with a clear picture of how the housing market is performing. The research shows that in 2016 the homebuyers were strongly diversified; in case you were wondering. Nearly 30% of Texas homebuyers purchased their first homes in the last year. Also, the research showed that twice as many single women purchased their houses than single men in Texas. From the high international demand for Texas real estate, a boost in the economy was about $10 billion. The percentage
of the international buyers from Asia was as big as in Latin America. In 2016, the research stated that one in five international homebuyers from India bought a house in Texas. The kind of homes that homebuyers are looking for is also changing. Baby boomers and millennials in the urban are seeking alternatives that are low-maintenance to single-family homes. According to the 2016 Texas condominium midyear sales report, Texas obtained double-digit growth in condo sales volume and prices in four of Texas’s five major metropolitan areas. Texas homebuyers continuously benefit from home improvement efforts and remodeling. According to Texas remodel valuation report, projects that improve a home’s sustainability, JUNE 2022 | 23
