This should come as no surprise, but we recently came across a report indicating that the Texas housing market is once again on the rise. According to the 2016-Q2 Texas Quarterly Housing Report, home sales in the state are up 4.4% compared to the same exact period in 2015. Throughout the last year, home prices in Texas alone have risen 7.5% to a median of $215,000. This is excellent news for both home buyers and sellers in the area, as it indicates the housing climate in Texas overall is hotter than ever. As we have discussed in the past, homes in North Texas – specifically – are flying off the market at a record pace. In many cases, homes aren’t even listed before they have a potential buyer. This is just one example of how popular homes in Texas are right now, and as the report shows, demand is only growing.
Other notable numbers from the second quarter housing report include:
- Inventory has been unchanged at 3.7 months due to strong demand, which means we are currently in a seller’s market
- The number of active listings was up 4.1% over the second quarter
- Homes spent an average of 54 days on the market
- Of the homes sold during the second quarter of this year, approximately 45% were less than $200,000 and 47% had a price tag of $200,000 to $500,000
Real estate experts are noting that the last several months have been one of the strongest starts to a summer selling season in the history of the state. This is huge, as Texas has seen numerous upswings in the real estate market, but nothing quite like what we are witnessing today.
Why Do These Numbers Matter?
When it comes to buying or a selling a home in a particular market, it is absolutely imperative that you do your research and make sure you are walking into a good situation. Depending on what the numbers say, it may be wise to hold off on listing your home, or it may be time to jump into action and get it on the market as quick as possible. Over the last year, we have seen the housing market in Texas steadily climb and make waves across the nation as one of the strongest and most competitive.
This is due to numerous factors, including:
- High quality of life
- Great job market
- As we have made note of, big corporations like Toyota and JPMorgan Chase are moving their headquarters to Frisco, Plano, and surrounding areas, which has created a lot of new jobs and a need for housing
- Affordable home prices
- Right now in Texas, you can get more bang for your buck than in many other parts of the country. This means that you can buy a home of the same size and caliber in Texas for a fraction of what it would cost in San Francisco or Denver, for example
Realtors at The Cheney Group are, as always, keeping a watchful eye on the Texas housing market and are your resource for anything related to buying or selling a home in the area. For more information on what these second quarter numbers mean, or to check out our current local listings, please do not hesitate to contact us today.