March 30, 2022 — Austin, Texas
March 30, 2022 – Austin, Texas
Today, Texas REALTORS® released the 2022 Texas Homebuyers and Sellers Report, providing in-depth insights into the demographics, motivations and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2020 and June 2021. The report also outlines information related to Texas real estate consumers’ income, ethnicity, age and perceptions of the homebuying and selling process.
According to the report, the median household income for Texas homebuyers was $107,500, $5,500 more than the national median. Thirty-three percent of homes purchased during the reporting period in Texas were new homes, compared to 15% nationwide.
“Understanding who homebuyers and sellers are and what they want is imperative to Texas REALTORS®, especially as housing demand in our market remains red hot,” said Russell Berry, 2022 Chairman of Texas REALTORS®. “The insights provided in the Texas Homebuyers and Sellers Report are extremely valuable, equipping Texas REALTORS® with information to better support our clients.”
Among the report’s findings, 16% percent of homebuyers purchased homes in small towns, up from 10% a decade ago.
The majority of homebuyers in Texas (61%) were married couples, followed by single females (20%), single males (10%) and unmarried couples (7%). The median age of Texas homebuyers was 47, one year less than the previous year. Of all Texas homebuyers, 32%, were first-time homebuyers, one percentage point more than last year.
For Texans who sold their homes, the most popular reason for putting a home on the market was to move closer to friends or family, followed by the desire for a larger home. Ninety-four percent of sellers used a real estate agent to help sell their home, and, of those, 92% would definitely or probably use that same agent again. Sellers spent a median of seven years in their homes, down two years from the previous report. The median sales price was $80,000 more than what sellers paid for their homes. The median length the home spent on the market was two weeks, which was half as long as the prior year.
Berry concluded, “Each year, Texans tell us the most difficult part of the homebuying process is finding the right property, followed by paperwork and understanding the overall process. Sellers are looking to REALTORS® to help price their homes and market them to potential buyers. It is more important than ever for homebuyers and sellers to work with a Texas REALTOR® to help guide them in realizing their real estate dreams.”