Homebuyers and sellers look to Realtors to navigate hot Texas real estate market
Texas Realtors releases annual Texas Homebuyers and Sellers Report
AUSTIN, Texas, March 30, 2022 /PRNewswire/ -- Today, Texas Realtors released the 2022 Texas Homebuyers and Sellers Report, providing in-depth insights into the demographics, motivations and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2020 and June 2021. The report also outlines information related to Texas real estate consumers' income, ethnicity, age and perceptions of the homebuying and selling process.
According to the report, the median household income for Texas homebuyers was $107,500, $5,500 more than the national median. Thirty-three percent of homes purchased during the reporting period in Texas were new homes, compared to 15% nationwide.
"Understanding who homebuyers and sellers are and what they want is imperative to Texas Realtors, especially as housing demand in our market remains red hot," said Russell Berry, 2022 Chairman of Texas Realtors. "The insights provided in the Texas Homebuyers and Sellers Report are extremely valuable, equipping Texas Realtors with information to better support our clients."
Among the report's findings, 16% percent of homebuyers purchased homes in small towns, up from 10% a decade ago.
The majority of homebuyers in Texas (61%) were married couples, followed by single females (20%), single males (10%) and unmarried couples (7%). The median age of Texas homebuyers was 47, one year less than the previous year. Of all Texas homebuyers, 32%, were first-time homebuyers, one percentage point more than last year.
For Texans who sold their homes, the most popular reason for putting a home on the market was to move closer to friends or family, followed by the desire for a larger home. Ninety-four percent of sellers used a real estate agent to help sell their home, and, of those, 92% would definitely or probably use that same agent again. Sellers spent a median of seven years in their homes, down two years from the previous report. The median sales price was $80,000 more than what sellers paid for their homes. The median length the home spent on the market was two weeks, which was half as long as the prior year.
Berry concluded, "Each year, Texans tell us the most difficult part of the homebuying process is finding the right property, followed by paperwork and understanding the overall process. Sellers are looking to Realtors to help price their homes and market them to potential buyers. It is more important than ever for homebuyers and sellers to work with a Texas Realtor to help guide them in realizing their real estate dreams."
About the Texas Homebuyers and Sellers Report
Data from the 2022 edition of the Texas Homebuyers and Sellers Report is derived from the 2021 Texas Profile of Homebuyers and Sellers by NAR, which analyzes survey data among Texans who bought or sold a home between July 2020 and June 2021. Texas REALTORS® distributes insights about the Texas housing market throughout the year, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends and more. To view the Texas Homebuyers and Sellers Report in its entirety, visit texasrealestate.com.
About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.
Contact:
Morgan Moritz
[email protected]
SOURCE Texas Realtors
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