TEXAS HOMEBUYERS SELLERS REPORT · 2018-04-09 · international trends and more. To view the Texas...

TEXAS HOMEBUYERS SELLERS REPORT

2018 Edition

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ABOUT THE TEXAS HOMEBUYERS & SELLERS REPORT Data from the 2018 edition of the Texas Homebuyers and Sellers Report is derived from the 2017 Texas Profile of Homebuyers and Sellers by the National Association of REALTORS®, which analyzes survey data from Texans who bought or sold a home between July 2016 and June 2017. The Texas Association of 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. To view the Texas Homebuyers and Sellers Report in its entirety, visit texasrealestate.com.

ABOUT THE TEXAS ASSOCIATION OF REALTORS® With more than 114,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit texaseealestate.com to learn more.

MEDIA CONTACT Morgan Moritz Pierpont Communications [email protected] 512.448.4950

TEXAS HOMEBUYERS & SELLERS REPORT | 2018 EDITION

EXECUTIVE SUMMARY The 2018 edition of the Texas Homebuyers and Sellers Report revealed a greater ethnic diversity among buyers and sellers. The report also showed growing affordability challenges despite higher median household income. Among all Texas homebuyers, 14 percent identified as Hispanic, 8 percent identified as African-American (an increase of 3 percentage points from the 2017 report) and 7 percent identified as Asian (an increase of 3 percentage points). Median household income for Texas homebuyers increased from $94,200 to $101,400. Nationally, the median income for homebuyers was $88,800. The median home price paid among Texas homebuyers was $259,500. The median age of first-time buyers increased one year to 33 years old, while the median age of Texas home sellers increased for the fourth straight year to 47 years old. The percentage of all Texas homebuyers who are single decreased from the 2017 report, with single female homebuyers falling 3 percentage points to 16 percent, and single male buyers dropping 1 percentage point to 8 percent of all Texas homebuyers. The proportion of married Texas homebuyers increased 2 percentage points to 68 percent. The following infographics dive deeper into the characteristics, motivations, challenges, and preferences among Texas homebuyers and sellers.



47 Years Old Median age of homebuyer

19% Homebuyer or spouse is active duty military or a veteran

$101,400 Median household income

32%

8 Weeks Median length of time buyer spent searching for a home

15% Purchased a home for a multi-generational family due to aging parents or children over 18 living at home

11% Buyers over 50 years old who purchased senior-related housing

10 Years Expected length of tenure in home

10 Homes Median number of homes viewed during search process

34% Purchased a new home

First-time homebuyers

45 Years Old Median age of homebuyer

21% Homebuyer or spouse is active duty military or a veteran


34%

10 Weeks Median length of time buyer spent searching for a home

13% Purchased a home for a multi-generational family due to aging parents or children over 18 living at home

13% Buyers over 50 years old who purchased senior-related housing

15 Years Expected length of tenure in home

10 Homes Median number of homes viewed during search process

15% Purchased a new home

First-time homebuyers Texas U.S.

HOMEBUYERS IN TEXAS VS. HOMEBUYERS IN U.S.


0%

20%

40%

60%

80%

All Buyers Married Couple Single Female Single Male Unmarried Couple

8% 7%

16% 7% 9% 7%

8% 3%

4% 4%

14% 11% 12% 26% 30%

73% 77% 71%

59% 52%

3% 2% 3% 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 Married Couple Single Female Single Male Unmarried Couple

5% 4% 8% 5% 5% 5%

6% 2% 2% 4%

7% 7%

6% 7% 12%

83% 84% 83% 84% 81%

3% 3% 3% 3% 4%

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

Ethnicity & Household Composition of Homebuyers Nationally

HOMEBUYER CHARACTERISTICS


Lived with parents,

relatives or friends and paid rent

5% Lived with parents,

relatives or friends and

did not pay rent

5%

Owned previous

residence 50%

Rented an apartment or house

40% Prior Living Arrangement

Prior Living Arrangement for Texas Homebuyers

Rented an apartment or house

40%

Owned previous

residence 47%

Lived with parents,

relatives or friends

and paid rent 6%

Lived with parent,

relatives or friends and did not pay

rent 6%

Prior Living Arrangement

Prior Living Arrangement for Homebuyers Nationally

HOMEBUYER CHARACTERISTICS


FIRST-TIME VS. REPEAT HOMEBUYERS

Married Couple

63%

Single Female

14% Single Male 8%

Unmarried Couple

14%

Other 1%

First-Time Homebuyers

in Texas

Married Couple

71%

Single Female

17% Single Male 7%

Unmarried Couple

3%

Other 2%

Repeat Homebuyers

in Texas

Household composition

Married Couple

57%

Single Female

18% Single Male 7%

Unmarried Couple

16%

Other 2%

First-Time Homebuyers

Nationally

Married Couple

69%

Single Female

17% Single Male 7%

Unmarried Couple

4%

Other 2%

Repeat Homebuyers

Nationally


18-24 1%

25-34 25%

35-44 20%

45-54 15%

55-64 19%

65-74 14%

75+ 5%

Age of Homebuyers in

Texas

18-24 2%

25-34 26%

35-44 21%

45-54 16%

55-64 18%

65-74 13%

75+ 4%

Age of Homebuyers

Nationally

AGE OF HOMEBUYERS IN TEXAS

15% 21%

36%

28% 34%


35% Avoid renovations or problems

with plumbing or electricity

Better price

For Texas homebuyers, the desire to own a home was the most-cited reason for purchasing a home (26 percent), followed by a job relocation or move (11 percent).

MOTIVATIONS FOR BUYING A HOME

Better overall value

More Charm and Character

Ability to choose and customize design features

Amenities of New Home

Construction

Motivations for Buying a New Home

Motivations for Buying an Existing Home


0-6 Months 43%

6-12 Months 15%

12-18 Months 8%

2+ Years 28%

Time to Save for Down-payment

in U.S.

18-24 Months 6%

0-6 Months 45%

6-12 Months 15%

12-18 Months

8%

2+ Years 26% Time to Save for

Down-payment in Texas

18-24 Months

5%

SAVING FOR THE DOWNPAYMENT


MOST DIFFICULT PART OF THE PROCESS AND MEDIAN STUDENT LOAN DEBT

Median amount of student loan debt among Texas homebuyers.

$20,000

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

57%

TEXAS

Median amount of student loan debt among homebuyers in the U.S.

$25,000

Of homebuyers in the U.S. said finding the right property was the most difficult part of the homebuying process.

54%

UNITED STATES


55 Years Old Median age of home seller


34% 3 Weeks Median length of time a seller’s home spent on the market

10 Years Median tenure in home

$47,500 Median sell price over purchase

First-time home sellers

55 Years Old Median age of home seller


28% 2 Weeks Median length of time a seller’s home spent on the market

9 Years Median tenure in home

$53,500 Median sell price over purchase

First-time home sellers

Texas U.S.

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


6%

Job Relocation 11% Home is Too Small 16% Change in Family Situation 9% Want to Move Closer to Friends or Family

14% Neighborhood has become less desirable

Selling Previous

Home Nationally

Top 5 Reasons for

10%

Job Relocation 17% Home is Too Small 16% Change in Family Situation 6% Want to Move Closer to Friends or Family

17% Neighborhood has become less desirable

Selling Previous

Home in Texas

Top 5 Reasons for

9%

MOTIVATIONS FOR SELLING A HOME

TEXAS HOMEBUYERS SELLERS REPORT · 2018-04-09 · international trends and more. To view the Texas...

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