The Texas Real Estate Research Center has issued the following press release:
AUSTIN – Texas homebuyers are more diverse and earn slightly higher incomes than homebuyers nationally, according to the 2022 Texas Homebuyers and Sellers Report by Texas Realtors.
According to the report, 13 percent of homebuyers identified as Asian/Pacific Islander; 7 percent identified as Hispanic/Latino; and 6 percent identified as Black/African-American. White/Caucasian homebuyers made up 77 percent of Texas buyers compared with 82 percent nationally.
The median household income for Texas homebuyers was $107,500, $5,500 more than the national median.
Of all Texas homebuyers, 32 percent were first-time buyers, up just 1 percent from the year prior. The majority of first-time buyers (49 percent) were married couples, followed by single females (19 percent), single males (16 percent), and unmarried couples (13 percent). About 46 percent of first-time buyers were between 25 and 34 years old.
The median age of Texas homebuyers was 47, four years younger than the previous year.
The typical Texas buyer spent nine weeks shopping and viewed eight homes in the process. The vast majority (90 percent) of Texas buyers bought single-family homes, and 33 percent purchased a new home. Around 16 percent purchased a small-town home.
The most popular reason for Texans to purchase a new home was to avoid renovations or plumbing or electricity problems. The top motivation for buying a previously owned home was the better overall value.
The top reason for Texans to put their homes on the market was to move closer to friends or family, followed by job relocations. Texas sellers spent a median of seven years in their homes. The median sales price was $80,000 more than what sellers paid for their homes, and the median length of time the home spent on the market was two weeks.
The annual report provides 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.
