The first quarter of 2022 has ended with the median home price in Texas being over $325,000.00. This was an increase of 18.6% over last year. (Texas Quarterly Housing Report)“The demand for
Home Prices are Still on the Rise in Texas!
Dated: May 15 2022
The first quarter of 2022 has ended with the median home price in Texas being over $325,000.00. This was an increase of 18.6% over last year. (Texas Quarterly Housing Report)
“The demand for Texas housing continued its rapid, upward trajectory during the first three months of 2022,” said Russell Berry, chairman of Texas REALTORS®. “We have tight levels of housing inventory but continued relocation activity to Texas—as well as plenty of existing Texans who want to change their housing situation for a variety of reasons. So, we continue to see home prices rise across the state and home sales are stronger than ever.”
In addition to prices increasing, there was a 5.6% increase from last year in home sales with a total of 88,700 homes sold. And with that 88,700 homes sold, almost half of them sold in the $200,000-$300,000 range.
Jim Gaines, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University, commented, “Homebuyers and sellers in Texas have had a decade of high expectations, and that excitement isn’t going away, but it may be approaching a peak. Mortgage interest rates are going to continue to rise through the rest of the year and this, combined with the lack of good supply, may make the pace and rate of home sales look a little more modest. Although home sales statistics in the first quarter of 2022 don’t appear as positive compared to the same quarter last year, the Texas real estate market is still very strong.”
Homes did stay on the market a bit longer this quarter, with the average being 37 days. This was 10 days less than the first quarter of 2021. Supply decreased from 0.2 months to 1.1 months of inventory.
Chairman Berry concluded, “This year is already shaping up as another highly active time for Texas real estate. With record demand, increasing interest rates and low inventory, it can be a complex market for buyers and sellers. There has never been a more crucial time for people to work with a local REALTOR® to help them achieve their real estate dreams.”
If you are considering buying or selling in this market, let us know. We are happy to answer any questions you have.
Holly understands that buying or selling a home is more than just a transaction: it's a life-changing experience. That's why her team of highly-seasoned real estate professionals is dedicated to provi....
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