The median household income for Texas homebuyers was $110,000, $22,000 more than the national median. Thirteen percent of homes purchased during the reporting period in Texas were new homes, slightly more than the national figure of 12%.
Home purchases in Texas were more prevalent in the highest age groups, with 52% of purchases made by individuals aged 55 or older. In contrast, 14% of Texas home purchases were made by individuals aged 25 to 34.
The top reason Texans who sold their homes during the observed period did so was to move closer to family and friends (23%), followed by job relocation (13%) and retirement (10%), consistent with the strong job market in the state.
Eighty-seven percent of homebuyers and sellers used a real estate agent to help buy or sell their home, with 90% of those buyers and 86% of those sellers stating that they would likely use that same agent again or recommend them to others.
“Every year, homebuying Texans tell us that their REALTOR® helps to make this complicated process easy and enjoyable,” said Phipps. “Sellers continue to look to REALTORS® to help price their homes and market them to potential buyers. In these fluctuating market conditions, we encourage homebuyers and sellers to work closely with a Texas Realtor to help them accomplish their real estate goals.”