Report: More than 3M Texas Homes Sold, $112K increase in Median Price from 2011 to 2020
Texas Realtors releases report chronicling the real estate market's growth over the past decade
AUSTIN, Texas, Aug. 5, 2021 /PRNewswire/ -- 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."
About A Decade in Texas Real Estate Report
Data for A Decade in Texas Real Estate Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, and Texas REALTORS®, with analysis by the Texas Real Estate Research Center at Texas A&M. The report provides real estate sales data for Texas and 25 metropolitan statistical areas in Texas from 2011 to 2020. Real estate sales that occur outside of an MLS are not reflected in the report. To view the report in its entirety, visit texasrealestate.com.
About Texas REALTORS®
With more than 140,000 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
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SOURCE Texas Realtors
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