2021 TEXAS HOMEBUYERS AND SELLERS REPORT

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Transcript of 2021 TEXAS HOMEBUYERS AND SELLERS REPORT

2021 TEXAS HOMEBUYERS AND SELLERS REPORTTEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
ABOUT THE TEXAS HOMEBUYERS AND SELLERS REPORT Data 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.
MEDIA CONTACT Hunter Dodson Pierpont Communications [email protected] 512.448.4950
EXECUTIVE SUMMARY Texas 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/Pacific Islander, 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.
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
HOMEBUYERS IN TEXAS VS. HOMEBUYERS IN U.S.
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
HOMEBUYING PROCESS
of Texas homebuyers said finding the right property was the most difficult part of the homebuying process.
53%
TEXAS of 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%
72%
15%
8%
3%
2%
HOMEBUYER CHARACTERISTICS
7% 11% 5%6% 9%
4%
Ethnicity & Household Composition of Texas Homebuyers
0%
20%
40%
60%
80%
100%
5% 8% 4%5% 8% 3% 7% 12% 5%
83% 74%
Ethnicity & Household Composition of Homebuyers Nationally
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
HOMEBUYER CHARACTERISTICS
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
Lived with parents, relatives or friends
Rented an apartment or house
Owned previous home 51%
AGE OF HOMEBUYERS TEXAS vs. NATIONALLY
0%
10%
20%
30%
40%
2% 6%
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
3% 7%
7%
18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 65-74 years 75 years or older
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
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
Avoid renovations or problems with plumbing or electricity
Amenities of new home construction communities
Ability to choose and customize design features
Green/energy efficiency
HOME SELLERS IN TEXAS VS. HOME SELLERS IN U.S.
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
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
Home is too large
14%
12%
11%
9%
TEXAS HOMEBUYERS AND SELLERSREPORT
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
TEXAS HOMEBUYERS AND SELLERS REPORT | 2021 EDITION
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