April 30, 2021 — Austin
Texas homebuyers are more diverse, while also earning higher incomes compared to national homebuyers, according to the 2021 Texas Homebuyers and Sellers Report released by Texas REALTORS®. The annual report provides in-depth insights into the demographics, motivations and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2019 and June 2020. The report also outlines information related to Texas real estate consumers’ income, ethnicity, age and perceptions of the homebuying and selling process.
“The increase in household income is encouraging as well as the broader base of diversity in homebuyers,” said Marvin Jolly, 2021 Chairman of Texas REALTORS®. “Even with higher income levels, buyers are experiencing one of the most challenging markets in history right now, as the supply of homes for sale in most areas of Texas is extremely low.”
According to the report, the percentage of homebuyers who identified as Hispanic/Latino was 18%, up from 14% the previous year; 7% identified as Black/African-American, up from 5%; and 6% identified as Asian/Pacific Islander, up from 4%. White/Caucasian homebuyers fell from 78% to 69% between the two reporting periods.
The majority of Texas homebuyers (68%) were married couples, followed by single females (15%), single males (9%) and unmarried couples (6%). The median age of Texas homebuyers was 48, four years less than the previous year. The median household income for Texas homebuyers was $112,500, $16,000 more than the national median. Of all Texas homebuyers, 31% were first-time homebuyers, unchanged from last year.
Jolly continued, “Although median household incomes continue to rise, median home prices have risen aggressively. As the voice of Texas real estate, it is a priority for Texas REALTORS® to continue to speak with our state’s leaders and work to ensure that homeownership remains attainable, particularly for first-time homebuyers.”
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 job relocations and a desire for a larger home. Sellers spent a median of nine years in their homes. The median sales price was $70,000 more than what sellers paid for their homes, and the median length the home spent on the market was four weeks.