Condo, Townhome Sales Top $5.4B from 2016-2017
Sales of condominium and townhomes throughout Texas exceeded $5.4 billion between August 2016-July 2017, according to the Texas Association of Realtors’ Texas Condominium Sales Report. Condo sales were up 8.6% from the year before, while townhome sales had increased 5.1% during the same time period, making these two segments the fastest-growing in the Texas housing market.
Sales prices also increased for this product type throughout 2016 and 2017. The year-to-date median sales price as of July 2017 was $179,900 for condominiums and $226,675 for townhomes, an annual increase of 9% and 8.5%, respectively.
“Rapid population growth across the state has turned cities surrounding our major metro areas into job and development hubs, creating a need for condominium and townhome development outside of urban centers that did not exist before,” said Jim Gaines, chief economist with the Real Estate Center at Texas A&M University.
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