Of all the reports issued by data-churning companies, one of the most telling about Texas is the Texas Homebuyers and Sellers Report.
Texas REALTORS released its 2022 edition last week and it’s loaded with in-depth insights into the demographics, motivations, and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2020 and June 2021.
The graphics-intensive report outlines information related to Texas real estate consumers’ income, ethnicity, age, and perceptions of the home buying and selling process.
Texas REALTORS has a membership of 150,000 members.
In a statement, Russell Berry, Texas REALTORS chairman, sold the value of the report, which equips its agents with information to better support their clients.
“Understanding who home buyers and sellers are and what they want is imperative to Texas REALTORS, especially as housing demand in our market remains red hot,” Berry said.
A few highlights as detailed in the report’s executive summary:
- The median household income for Texas homebuyers was $107,500, $5,500 more than the national median.
- The median age of homebuyers was 47, one year less than the previous year.
- Of all homebuyers, 32 percent, were first-time homebuyers, one percentage point more than last year.
- 33 percent of homes purchased during the reporting period were new homes, compared to 15 percent nationwide.
- 16 percent of homebuyers purchased homes in small towns, up from 10 percent a decade ago.
- 61 percent of homebuyers were married couples, followed by single females (20 percent), single males (10 percent), and unmarried couples (7 percent).
- The most popular reason for putting a home on the market was to move closer to friends or family, followed by the desire for a larger home.
- 94 percent of sellers used a real estate agent to help sell their home, and, of those, 92 percent would definitely or probably use that same agent again.
- Sellers spent a median of seven years in their homes, down two years from 2021.
- The median sales price was $80,000 more than what sellers paid for their homes.
- The median length the home spent on the market was two weeks, which was half as long as the previous year.
Report review: This might be the most enlightening report generated by a Texas-specific survey data company. You’ll spend lots of time poring through the easy-to-read graphics and bar charts. It’s a 100 percent rabbit hole. BTW, here’s the 2021 and 2020 Texas Homebuyers and Sellers Report. 🐇 🐇
