Texas home sales, median price hit record highs for seventh straight yearTexas home sales, median price hit record highs for seventh straight yearhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=271982022-03-04T06:00:00Z2022-03-04T15:00:00Z

​​AUSTIN – For the seventh year in a row, Texas home sales and median price hit record-breaking highs, according to the 2021 Texas Real Estate Year in Review report ​​by Texas Realtors.

"2021 was an exciting year for Texas real estate,” said Russell Berry, 2022 Texas Realtors chairman. "Demand for housing hit an all-time high, and we saw many multiple-offer situations, including homes that attracted dozens of offers and sold for well above asking price. Some buyers found it a frustrating environment."​

The number of homes sold statewide increased 6.2 percent to 416,853 sales last year. 

The median home price reached $300,000, up 15.7 percent from the previous year. The median price per square foot was $150, a 16.9 percent increase from 2020 and a 35.6 percent jump since 2017. 

On average, homes sold at 99.9 percent of the price at which they were originally listed. The availability of homes priced under $300,000 decreased 21.2 percent since 2017.​

Housing inventory at the end of the year dropped to 1.2 months, a decrease of 0.4 months from the end of 2020. According to the Texas Real Estate Research Center at Texas A&M University, a market balanced between supply and demand has between six and 6.5 months of inventory.

Homes spent an average of 34 days on the market, 21 fewer days than 2020.

Dr. Luis Torres​, research economist with the Center, commented, "Rising mortgage rates will weaken housing demand and subdue some of the housing price pressures in 2022. The housing market will remain strong with the major headwind being the low inventory of homes for sale, especially in the lower price ranges.

"Homebuilders are trying to catch up with demand, but they are facing steep prices for land, materials, and labor. Expected improvements in supply chain issues should mitigate some of the costs facing builders in the coming months, but new home construction is expected to lag housing demand."​​​​​​

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Source: Texas Realtors
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