Texas Housing Market Trends 2022
From 2020 to 2021, over 300,000 new residents have joined the state of Texas and it is projected to grow even more by the end of this year. With so many new people coming to the state, the real estate market is bound to make some moves, especially given the position of the national market! In this article, we’ll examine the state of the housing market so far this year in Texas.
At this time, there is only data leading up till August of this year. At that point in the end of August compared to last year, mortgage interest rates rose to 5.22% from 2.84% and the median price has increased 11.4% or $342,000.
When it comes to construction and supply, single family construction permits are on the rise and seem to be increasing every month. These permits are primarily held in Houston in Dallas which combined have nearly 7,500 new permits. Compare that to the two cities below, Austin and San Antonio which combined have about 2,500 new permits. For existing homes, active listings increased more than 30,000 homes between May and August. These are primarily in San Antonio and Dallas.
We hope you found this information on market trends for this year in Texas insightful on the value of your home. At EverSan Cooper, we take your stress away by buying as-is, with a quick process to buy your home at market prices. Call today to book an appointment for a free home review and let us handle the rest.