The housing boom is strong all across the state of Texas. The southern state of Texas has been able to gain massive interest from residents in other states. One might wonder why this is so. The answer to this question is quite simple. The state of Texas has minimal taxes, has a growing economy, and has simpler forms of regulation.
As such, it is no surprise that more individuals are moving to Texas and pushing housing prices upward. A recent report indicated that median home prices in the state of Texas have elevated to $112,000. This shocking aspect only took place over the course of the past ten years.
The southern state is becoming more popular and has seen an increase in home sales year after year. Texas Realtors continue to provide information on statewide and local-market data with elements that relate to overall home sales. The report published by the Texas Realtors also shows the number of days a home stays on the market. One can even find aspects like the average price per each square foot.
This information is crucial in that it helps individuals to get a sense of the momentum in the Texas real estate market. Here is what you need to know about the booming Texas real estate market.
What Is Driving the Real Estate Market in Texas?
Texas Realtors will note that the main drivers of the real estate market in Texas are many. These factors will include, massive population increase, natural disasters in other states, and many other aspects.
What are other elements that drive the real estate market?
Other factors that have contributed to the wonderful real estate market in Texas include higher taxes in other states, and the contagious disease that affected the world. It is hard to really understate the impact that the pandemic has had on the housing boom. There has been a psychology shift and many have realized the value of space. If they were able to have space, then they would have felt more comfortable while staying at home. But of course, the Texas real estate market offers fantastic home tech as well. You will find that Texas offers affordable housing relative to the west coast and east coast.
That affordability in the Texas real estate market combined with the many opportunities to live, work and thrive makes it very appealing.
A Deeper Dive Into the Numbers of the Texas Real Estate Market
Over 3,000,000 homes were sold in Texas during the past ten years. This was an astounding accomplishment for the great state of Texas. One could see that the median price of homes had jumped from around $150,000 as 2011 came to a close. It is now in a larger ballpark, the median price now rests around $260,000.
Again, this is a remarkable accomplishment for Texas. It shows that the policies implemented inTexas are accurate and have helped it to thrive.
As the government has taken a more hands off approach, implemented deregulation, and other aspects, it created progress. But if we were to dive a bit more into the numbers, we would notice the main draws. Which cities are the most popular? The current popular cities consist of Round Rock, The Dallas Fort Worth area, Houston, and even Sugarland. You might also notice more interest in San Antonio and New Braunfels.
Of course, it is no surprise that the Dallas Fort Worth region commands quite a bit of interest. It is home to many corporate headquarters and job opportunities. The DFW region has seen rising sales with over 920,000 homes sold. The data indicates that Texas is merely getting started.
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