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Texas Housing Market Expands at Record Pace
Texas continues to reel in homebuyers at a record pace with evaporating supply speeding up the decision-making process for many would-be buyers. The heightened pace is also due to increasing demand, according to market experts and real estate data.
“The Texas housing market thrived during the last decade,” says Luis Torres, research economist with the Texas Real Estate Research Center at Texas A&M University. “It expanded at a record pace, achieving consistent home sales growth each year and strong home price growth during the decade.”
Research details how time 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 percent to 55 days in 2020. On the rise, however, is the price per-square-foot, climbing more than 40 percent to a median $141.
- ◦People
- ◦Economy
