Texas is the second-largest state in the US that spans over 268,000 square miles and has a population of over 29 million residents. It is also the 2nd most populous state in the country, which has caught the attention of people who want a better quality of life and lower living costs. Here we look at Texas real estate trends for 2022 and try to decipher the future of the real estate market of the popular state.
High Tech
Companies Prefer Texas
Many high-tech
companies like Dell, Amazon, IBM, Tesla, Google, and Apple prefer Texas and
have a major presence n the state. As more employers and workers move to the
state, housing prices increase. A report from Texas Real Estate Research Center
at Texas A&M University released in September 2021 noted that homeownership
rates have reduced amidst reduced housing affordability.
Texas Housing
Market
According to
reliable data, Texas has 11,283,892 housing units, 38% of which are renter-occupied.
Zillow's typical middle price tier home value is $267,523, while a one-year
change is 20.5% and a five-year change is 57%. The Property tax rate is 1.80% on
average
Noteworthy
Cities
When keeping an
eye on Texas real estate trends, some cities that are worthy of attention are:
Ø Austin
Thanks to the presence
of big brands like Apple, Tesla, Oracle, Facebook, and Samsung, commercial real
estate development is high in Austin. Residential real estate is also in high
demand. New condos, apartments, townhouses, single and multi-family units are
also being developed swiftly.
Ø Houston
The industrial
sector is increasing its footprint in Houston. Shops and restaurants are in
strong shape, the Multi-family housing market is growing, and occupancy rates
are also high.
Ø Dallas
Multi-family
units and single homes demand is continuing to rise. Construction has also
increased, and urban centers outside downtown are thriving. The industrial
sector is also letting its presence known across North Texas.
Major Factors
Leading the Growth of Texas Real Estate Market in 2022
Ø
Local markets will recover from
declines that occurred due to COVID.
Ø
People will be choosing bigger
properties with more outdoor space and a higher distance from the neighbors.
Ø
Low-interest rates and economic
stimulus money will drive the rise in real estate sales as buyers have more to
spend.
Ø
The migration from smaller
homes to larger prices of land will continue to rise.
Ø
Suburban metros will become
more popular as they offer access to everything from big box stores to quality
education (top-rated schools) and even world-class medical facilities.
Ø
There will be high demand for
properties in rural ranch and lake home communities.
Ø
As the stock market and bank
account balance increase and interest rates and unemployment decline, the
conditions are ideal for the housing market.
Ø
More demand will drive the
growth of the housing market.
It's a Good
Time to be a Texas Real Estate Agent?
As the demand
for housing rises, it's the right time to be a Texas real estate agent. The
demand for high-quality real estate agents is rising. There is also a rise in the
popularity of virtual brokerages, making real estate an attractive career
opportunity.
Sources:
https://www.aceableagent.com/blog/fastest-growing-texas-markets/
https://learn.roofstock.com/blog/texas-real-estate-market
https://therealdeal.com/2021/12/29/hot-or-not-texas-2022-real-estate-trends/