Our market is on the move and growing. We know that just by the sheer intensity multiple offers and the extremely low volume we’re experiencing. Recently, the Texas Association of Realtors compiled research from a variety of sources to give us a more complete picture of exactly how the market is performing.
In case you were wondering, the research does indeed indicate that 2016 held a strongly diverse market in terms of who our homebuyers are. Nearly 30 percent of Texas homebuyers last year bought their first homes. Interestingly, twice as many single women purchased a home than single men in Texas. International demand for Texas real estate contributed more than $10 billion to the Texas economy. According to the Texas International Homebuyers Report, international buyers from Asia are as large of a portion of the market as those from Latin America. In fact, one in five international homebuyers from India purchased a home in Texas in 2016.
The type of homes buyers are seeking is changing as well. Urban millennials and Baby Boomers are looking for lower-maintenance alternatives to traditional single-family homes. The 2016 Texas Condominium Mid-Year Sales Report showed double-digit growth in both condo sales volume and prices in four of Texas’ five major metropolitan areas for the first half of 2016.
Home remodeling and renovation projects continue to yield strong returns for Texas homeowners. The Texas Remodel Valuation Report showed that projects that increase a home’s sustainability, energy efficiency and curb appeal often yield higher recoup costs than project costs.
Both Texas home sales and home prices continued to rise throughout 2016 as a result of continued population growth and strong housing demand throughout the state. Despite slowing job growth and continued economic effects from the recent downturn in the energy sector, 2016 surpassed 2015 with the highest annual home sales volume in Texas history. In the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, total sales volume passed $28 Billion, breaking the 2015 record by more than 13 percent.
2016 North Texas Market Overall – New records set
- 101,529 Homes sold, beating a 10-year-old record of 95,509 sales. This year’s result is 8 percent higher than 2015.
- $28,050,996,211 Total dollar volume of sales, up 13 percent from 2015 and sets a new record in dollar volume.
- $225,000 Median sales price for homes, 10 percent more than 2015, a record high.
- $276,286 Average sales price for homes, a 7 percent increase over 2015, a record high.
- 42 Average number of days homes spent on the market in 2016.
- 18,355 Average active home listings on the market in 2016, a 1 percent drop.
- $119 Average price per square foot, up 7 percent year-over-year.