Texas Real Estate Trends for 2022

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.






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