FastExpert partner and Texas real estate agent, Doug Erdy, shares his professional perspective on the Texas real estate trends.
There’s no place like Texas. It’s big, bold, and strong. Texas carries with it, a unique sense of culture and pride like no other state.
Texas offers its residents and visitors a variety of activities. From sunny beaches to mountains, it has it all. The picturesque views captivate long-time Texans and Instagram models alike.
The pride of Texas comes from its long and rich history dating back to the Alamo and Texas as an independent territory. Texas features some of the largest cities in the United States and is growing at a furious pace.
The Uniqueness of Texas Cities
Houston, the Nation’s 4th largest city, is home to over 4 million residents. It’s known as the energy capital of the world, with both Exxon and Chevron headquartered in Houston, In addition, Houston is known for the Houston Medical Center, the world’s largest medical facility.
Dallas and Fort Worth are sister cities that combined have over 5 million residents. Also recognized for leading energy companies and technology. North Dallas has some of the fastest growth in the US as sprawling new communities are developed.
San Antonio is a diverse cultural city. It’s known for its large Hispanic community and is home to the Riverwalk. In addition, San Antonio possesses the Nation’s largest military bases: Lackland Air Force, Fort Sam Houston, and Randolph.
Austin has experienced massive growth in the tech and energy sector. Many California-based tech companies, such as Google, Amazon, Apple, and Tesla, have relocated their offices to Texas.
The Texas Housing Market is Steady
Everyone has a place in Texas, which is why it’s seen a massive growth in population. The result is a strong and steady housing market.
For over 30 years, the Texas real estate market boasts some of the most favorable appreciation for value over its peer states. For many years, Texas maintained a 3 to 4 percent appreciation on single-family homes. Recently, with the Pandemic gains, Texas home values experienced even higher appreciation, with home values growing 7.9% over the past year.
Cities such as Houston, Austin, and Dallas have tried to accommodate the growth in population by creating master-planned communities.
And in rural areas, single-family homes with large acreages have grown in attractiveness. Many buyers have chosen to move from more compact cities to suburban and rural communities. The Pandemic caused a significant shift in population. With remote work opportunities, many people chose more quiet, open locations for their residences.
The Demand for Homes in Texas is Strong
Texas is a Seller’s Market
Given the high demand for real estate in Texas, it has been and continues to be a seller’s market. Even with the recent cooldown in the housing market, it’s still a great time to sell. Houses have appreciated, and sellers are getting top-dollar for their homes.
Buyers See More Inventory
Although it’s a seller’s market, buyers are now seeing more inventory available as interest rates have risen. We are seeing a better variety of homes and houses are staying on the market longer. This gives buyers an advantage when looking for a home.
Population is Growing
Texas has seen a significant increase in population growth over the past 30 years, and especially over the last two years. Much of this is due to the vast amount of available land in and around large metro areas like Houston and Dallas.
The oil and gas industry has generated hundreds of thousands of new jobs over the past 10 years. The vast refinery growth along the shipping channels and ports also plays a huge role in the increasing need for workers.
In addition, the medical industry has propelled population growth with its demand for industry professionals.
Low taxes, land availability, and vast amenities cause many companies to relocate to Texas.
Not only does the strong job market draw people to Texas, but also the landscape and lifestyle attract people to the Lone Star State
The Future of the Texas Housing Market
Texas should continue to see explosive growth over the coming years.
The expanding job market, lifestyle, and lower cost of living will continue to draw people to Texas. Growth in population will fuel construction and new home developments. While Texas will experience the squeeze of rising interest rates and inflationary pressures, it will remain a strong housing market.
Find the Perfect Agent
Choosing the right real estate agent will make or break your real estate experience. Expert agents will seamlessly navigate you through the changing Texas housing market and guide you to success.
When you choose to work with a FastExpert agent, you’ll be working with top agents matched to meet your needs. Every agent is reviewed and ranked, so that you can have confidence in your real estate transaction.