2021 TEXAS HOMEBUYERS AND SELLERS REPORT

TEXAS HOMEBUYERS AND SELLERS

REPORT2021 Edition

TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION

ABOUT THE TEXAS HOMEBUYERS AND SELLERS REPORTData from the 2021 edition of the Texas Homebuyers and Sellers Report is derived from the 2020 Profile of Homebuyers and Sellers Texas Report by the National Association of REALTORS®, which analyzes survey data among Texans who bought or sold a home between July 2019 and June 2020. Texas REALTORS® distributes insights about the Texas housing market throughout the year, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends and more.

ABOUT TEXAS REALTORS® With more than 140,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

MEDIACONTACTHunter DodsonPierpont [email protected]

mailto:[email protected]

EXECUTIVE SUMMARYTexas homebuyers are more diverse, while also earning higher incomes compared to national homebuyers, according to the 2021 Texas Homebuyers and Sellers Report released by Texas REALTORS®. 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 2019 and June 2020. The report also outlines information related to Texas real estate consumers’ income, ethnicity, age and perceptions of the homebuying and selling process.

According to the report, the percentage of homebuyers who identified as Hispanic/Latino was 18%, up from 14%the previous year; 7% identified as Black/African-American, up from 5%; and 6% identified as Asian/PacificIslander, up from 4%. White/Caucasian homebuyers fell from 78% to 69% between the two reporting periods.

The majority of Texas homebuyers (68%) were married couples, followed by single females (15%), single males (9%) and unmarried couples (6%). The median age of Texas homebuyers was 48, four years less than the previous year. The median household income for Texas homebuyers was $112,500, $16,000 more than the national median. Of all Texas homebuyers, 31% were first-time homebuyers, unchanged from last year.

For Texans who sold their homes, the most popular reason for putting a home on the market was to move closer to friends or family, followed by job relocations and a desire for a larger home. Sellers spent a median of nine years in their homes. The median sales price was $70,000 more than what sellers paid for their homes, and the median length the home spent on the market was four weeks.



HOMEBUYERS IN TEXAS VS. HOMEBUYERS IN U.S.


HOMEBUYING PROCESS

of Texas homebuyers said finding the right property was the most difficult part of the homebuying process.

53%

TEXASof national homebuyers said

finding the right property was the most difficult part of the homebuying process.

52%

U.S.

of Texas homebuyers would recommend or work with their REALTOR® again.

78% of national homebuyers would recommend or work with their REALTOR® again.

76%

Median amount of student loan debt among Texas homebuyers.

$20,500 Median amount of student loan debt among homebuyers in the U.S.

$30,000

of Texas homebuyers stated their primary reason for purchasing a home was the desire to own a home of their own.

27% of national homebuyers stated their primary reason for purchasing a home was the desire to own a home of their own.

29%


FIRST TIME VS REPEAT HOMEBUYERS

58%

14% 10%

13%

5%

Married Couple Single Female

Single Male Unmarried Couple

Other

First-Time Homebuyers in Texas

52%

19% 11%

16%

3



Other

First-Time Homebuyers Nationally

Repeat Homebuyers in Texas Repeat Homebuyers Nationally

72%

15%

8%

3%

2%



Other

67%

17%

9%

5%2%



Other


HOMEBUYER CHARACTERISTICS

0%

20%

40%

60%

80%

All Buyers First-Time Buyers Repeat Buyers

7% 11% 5%6%9%

4%

18%28%

14%

69%

54%

76%

4% 4% 4%

Black / African-American Asian / Pacific Islander Hispanic / Latino White / Caucasian Other

Ethnicity & Household Composition of Texas Homebuyers

0%

20%

40%

60%

80%

100%

All Buyers First-Time Homebuyers Repeat Homebuyers

5% 8% 4%5% 8% 3%7% 12% 5%

83%74%

87%

3% 8% 3%

Black / African-American Asian / Pacific Islander Hispanic / Latino White / Caucasian Other

Ethnicity & Household Composition of Homebuyers Nationally


HOMEBUYER CHARACTERISTICS

49%

42%

8%

1%

0% 10% 20% 30% 40% 50% 60%

Prior Living Arrangement for Texas Homebuyers

Prior Living Arrangement for Homebuyers Nationally

Rented the home ultimately purchased

Lived with parents, relatives or friends

Rented an apartment or house

Owned previous home

Rented the home ultimately purchased

Lived with parents, relatives or friends

Rented an apartment or house

Owned previous home51%

37%

11%

1%

0% 10% 20% 30% 40% 50% 60%


AGE OF HOMEBUYERS TEXAS vs. NATIONALLY

0%

10%

20%

30%

40%


2%6%

0%

19%

40%

10%

23%

33%

19%17%

11%

20%18%

8%

23%

17%

2%

23%

4%1%

5%

18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 65-74 years 75 years or older

Age of Homebuyers in Texas

Age of Homebuyers Nationally

0%

10%

20%

30%

40%

50%


3%7%

1%

23%

50%

10%20% 23%

19%16%

11%18%17%

7%

22%16%

2%

23%

5%0%

7%

18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 65-74 years 75 years or older


MOTIVATIONS FOR BUYING A HOME

9%

18%

19%

23%

33%

42%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Motivations for Buying a New Home in Texas(Percent of Respondents)

9%

20%

24%

28%

36%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Motivations for Buying a Previously Owned Home in Texas(Percent of Respondents)

Better overall value

Better price

Other

More charm and character

Lack of inventory of new homes

Avoid renovations or problems with plumbing or electricity

Amenities of new home construction communities

Ability to choose and customize design features

Green/energy efficiency

Other

Lack of inventory of previous owned homes


HOME SELLERS IN TEXAS VS. HOME SELLERS IN U.S.


MOTIVATIONS FOR SELLING A HOME

17%

15%

13%

11%

8%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Top 5 Reasons for Selling Previous Home in Texas

Top 5 Reasons for Selling Previous Home Nationally

Neighborhood has become less desirable

Home is too large

Home is too small

Job relocation

Want to move closer to friends or family

Home is too large

Job relocations

Change in family situation

Home is too small

Want to move closer to friends or family 15%

14%

12%

11%

9%

0% 2% 4% 6% 8% 10% 12% 14% 16%

2021 TEXAS HOMEBUYERS AND SELLERS REPORT

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