Homes in Houston are selling at a dizzying pace, as CultureMap has previously reported. Hardly surprising, considering that in the past decade, every Texas metro area saw its home prices soar.
To that end, a new report from the Texas Association of Realtors reviews home-selling activity across the state during the previous 10 years (2011 through 2020).
The Houston area notched a moderate increase, 68 percent, in the median home price from 2011 ($154,500) to 2020 ($260,000). By the numbers, some 58,223 homes were sold in Houston in 2011, with 99,339 sold in 2020 — a whopping 71 percent increase. The average price per square foot in 2011was $83; in 2020, the price jumped to $133.
Reflecting the speed in which units are now plucked off the market, Houston homes in 2020 were available just 54 days, compared to 89 days in 2011.
Statewide, shoppers favored big cites, according to the report. Three-fourths of homes sold around the state in the past decade were located in the Houston, Austin, Dallas-Fort Worth, and San Antonio metro areas, according to the report. Dallas-Fort Worth topped the list, with 923,528 homes sold from 2011 through 2020, followed by Houston (811,105), Austin (315,946), and San Antonio (292,322).
Across Texas, the median home price shot up 76 percent from 2011 ($146,988) to 2020 ($259,188), and more than 3 million homes were sold. The greatest sticker shock went to the north Texas area of Sherman-Denison, where the median home price jumped 130 percent from 2011 ($87,000) to 2020 ($200,000).
Among Texas’ four major metro areas, Dallas-Fort Worth, the median home price skyrocketed 94 percent from 2011 ($149,900) to 2020 ($291,000).
Only one metro area watched its median home price break the $300,000 mark: Austin. The Austin area witnessed an 82 percent bump in the median home price from 2011 ($189,000) to 2020 ($343,914), the report shows. No other Texas metro reached the $300,000 level last year, but oil-rich Midland came the closest ($299,000).
“We’ve had a dynamic real estate market in Texas over the past decade,” Marvin Jolly, chairman of the Texas Association of Realtors, says in an August 5 news release. “Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new-home technologies, and, of course, the pandemic.”