Report Reveals Insights On Texas Homebuyers And Sellers

Number of first-time home buyers continues to drop; buyers getting older

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Texas Realtors has released the 2023 Texas Homebuyers and Sellers Report, providing Texans with insights and analysis of the demographics, motivations, and opinions of Texas homebuyers and sellers. The report focuses on real estate transactions between July 2021 and June 2022. It outlines information related to Texas real estate consumers’ income, ethnicity, age, and experience with the home buying and selling process.

According to the report, there were fewer first-time homebuyers in Texas compared to previous years, at 24% of homebuyers, down from 32% last year and 39% a decade ago.

“The insights we provide every year with the annual Texas Homebuyers and Sellers Report are extremely valuable to Texas Realtors and their clients,” said Marcus Phipps, 2023 chairman of Texas Realtors. “The report equips Texas Realtors to best serve their clients’ needs and allows all Texans to make informed real estate decisions.”

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.”