Housing Market Prediction. When it comes to the housing market in the state of Texas, this is believed by many to be a great market to explore. In fact, some of the quickest-growing real estate markets this year are said to be in more extremely desirable areas of the state, more specifically in the suburbs of more major metropolitan cities.
The state has upwards of 1,700 cities with populations that range from 2.3 million to less than 100. Research for this year from the Urban Land Institute’s Emerging Trends in Real Estate and PwC indicates that Texas has a total of four of the top 12 markets that feature the highest propects involving home construction.
Currently, the typical value of a property in Texas that is more mid-priced in nature has increased by approximately 19.8% throughout the last year and currently stands at $314,837. This is $52,837 more than August of last year. Individuals from all across the United States are heading to Texas to work, live, and invest in the Lone Star State’s real estate market.
Texas has experienced some of the strongest appreciation rates for housing throughout the past ten years. According to data collected by NeighborhoodScout, during this time, home prices have increased 99.56%, which is equal to an annual home appreciation rate of 7.15%. For those who are either real estate investors or home buyers, Texas is considered to be perhaps one of the finest long-term investments for real estate in the United States over the past ten years.
2023 is expected to be the year in which the state’s housing market is expected to grow, meaning that if you’re currently debating on whether or not you should purchase a home this year, you won’t be able to begin preparations now in order to be a much better buyer next year.
NeighborhoodScout also states that appreciation rates for real estate in Texas are among some of the highest in the country, with the latest quarterly rate being listed as 7.53%, which is the equivalent of a more annual appreciation rate of 33.67%.
Despite the fact that home sales in Texas have essentially slowed down, this isn’t always an indicator of demand, but instead supply. According to multiple analysts, the total number of homes sold in 2021 could have potentially been higher if a greater supply of homes had existed at that time. Now that more newly-constructed homes are starting to appear on the market, this could help to increase overall sales.
Data from Redfin also indicates that home prices in Texas increased by 10.2% year-over-year back in August. During this same period of time, the overall number of homes that were sold decreased by 13.9%, while the number of home sales increased by 19.8%.
If you wish to sell your home this year, it’s worth noting that your position is one that will give you an advantage. Even though home prices in Texas aren’t currently predicted to increase as fast or as sharp as they did last year, overall buyer demand remains great and likely will not disappear. Your home could also attract a large number of buyers thanks to bidding wars being more typical these days, which makes it a perfect time to sell if you aren’t at all concerned with purchasing a new home that comes with a possible high interest rate.
Housing Market Prediction. Following two years of the COVID-19 pandemic, multiple analysts are continuing to forecast home sale surges; however, this also means that many individuals will end up discovering that they have been priced out. One major concern will be affordability, which could potentially lead to a decrease in demand to levels that are much more sustainable. Overall, however, the housing market in Texas is likely to continue to be robust in nature, though not to the same extent that it was last year.