According to the second quarter reports for 2016 that have been released by the Texas Association of Realtors, the state’s house prices have been experiencing very strong gains. The report, entitled the Texas Quarterly Housing Report, states that the last few months in particular, have been one of the biggest beginnings to the summer selling season for Texas real estate. Homes of all price classes and all types are now in really high demand, and this is especially the case for houses that are priced beneath $200,000. Continue reading to learn more about this great news for sellers, investors, and realtors.
Increases in homes
Real estate experts have noted increases in the prices of homes across the state, from rural Austin suburbs like Dripping Springs, to houses in big cities like Dallas, and every residential area in between. The report specifically stated that a total of 91,418 Texas houses were sold in just the second quarter of this year. This is an incredible 4.4% boost from the second quarter of 2015, and it is also the biggest volume of home sales in the state’s history.
On top of that, over 45% of the houses that were sold within the second quarter of 2016 were priced below $200,000, but almost 47% of the houses were priced anywhere from $200,000 to $500,000. This means that first-time home-buyers, as well as those with higher budgets, have been able to take advantage of the many homes found throughout the state in some of the country’s most beautiful cities and towns.
Expectations for continued growth
It is expected that home prices will continue to rise. After all, they did continue to climb, thanks to a surge in population numbers and a lower inventory of homes throughout the state. This high demand has made the current average price for a home in Texas $215,000. The reason for this increase in the median home price is partly due to the fact that the inventory of available homes for sale remained pretty much unchanged from the first quarter of 2016, so it is a seller’s market.
Not all markets are benefiting
There are some housing markets throughout the state of Texas where these gains have not been seen, however. This is because there are many areas that are still impacted by the recent declines within the energy industry.
Despite this, on the whole, the housing market in Texas is continuing to do very well. Active listings increased by about 4.1%, and the second quarter of 2016 shows more than 98,000 listings that were active. Homes also spent less time for sale, with an average of 54 days on the market before being sold.
Because Texas homes are in such high demand and because prices are set to continue climbing, if you’ve been hoping to invest in real estate there, whether you want to raise your family in the state or retire there for a more affordable way of life, it is best to make your move sooner rather than later.