The median sales price of Texas homes topped $325,000 during the first quarter of 2022, an increase of 18.6% compared to the same period last year, according to the 2022-Q1 Texas Quarterly Housing Report released today by Texas Realtors.
“The demand for Texas housing continued its rapid, upward trajectory during the first three months of 2022,” said Russell Berry, chairman of Texas Realtors. “We have tight levels of housing inventory but continued relocation activity to Texas—as well as plenty of existing Texans who want to change their housing situation for a variety of reasons. So, we continue to see home prices rise across the state and home sales that are stronger than ever.”
During the first quarter this year, 88,700 homes were sold in Texas, a 5.6% increase compared to the first quarter of 2021. Nearly half of the homes sold in Texas were in the $200,000–$399,000 price range.
Jim Gaines, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University, commented, “Homebuyers and sellers in Texas have had a decade of high expectations, and that excitement isn’t going away, but it may be approaching a peak. Mortgage interest rates are going to continue to rise through the rest of the year and this, combined with the lack of good supply, may make the pace and rate of home sales look a little more modest. Although home sales statistics in the first quarter of 2022 don’t appear as positive compared to the same quarter last year, the Texas real estate market is still very strong.”
Homes spent an average of 37 days on the market before going under contract, 10 days less than the first quarter of 2021. Housing supply in Texas decreased 0.2 months in the first quarter of 2022 to 1.1 months of inventory.
Chairman Berry concluded, “This year is already shaping up as another highly active time for Texas real estate. With record demand, increasing interest rates and low inventory, it can be a complex market for buyers and sellers. There has never been a more crucial time for people to work with a local Realtor to help them achieve their real estate dreams.”
About the Texas Quarterly Housing Report
Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, and Texas REALTORS®, with analysis by the Texas Real Estate Research Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 metropolitan statistical areas in Texas. To view the report in its entirety, visit texasrealestate.com
About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.