Texas REALTORS® has released the latest Texas Condominium Sales Report. The report includes statewide statistics as well as numbers for several large metro areas. Key insights from the report include:
- The number of condominiums sold decreased 9.8% to 11,875 sales from July 2019 to June 2020, while townhomes sold declined 0.2% to 8,616 sales.
- Statewide, the year-to-date median sales price as of June 2020 was $192,000 for condominiums, an annual increase of 1.6%, and $230,000 for townhomes, an annual decrease of 1.3%.
- Inventory for Texas condominiums and townhomes increased slightly, with condominiums increasing 0.3 months to 5.3 months of inventory and townhomes declining 0.6 months to 4.3 months of inventory.
- In the first six months of the year, Texas condominiums spent an average of 70 days on the market, while townhomes spent an average of 64 days on the market.
- As the Texas population continues to boom and affordability challenges increase, condominiums and townhomes provide prime options for homeowners seeking closer locales to popular attractions and essential services at all price points.
- From first time homebuyers looking to purchase a starter property to retirees looking for less upkeep, condominiums and townhomes offer an affordable price point in high-density urban areas.