According to the report, the median price per square foot has risen 35.6 percent since 2017. The median price in the state grew to $300,000, up 15.7 percent from 2020. Because of the scarcity of housing, 21 of the state's 25 significant metros saw double-digit price hikes.
However, with a limited supply in the state, the surge in demand caused prices to rise.Īccording to the Texas Realtors year in review report, months of inventory fell from 1.6 to 1.2 in 2021, and the average days on the market fell to 34, down 21 days from 2020. This propelled purchasers into the market and sparked a housing craze in areas like Texas, which was already experiencing population growth. Home Prices Will Likely Continue RisingĪs a direct result of the coronavirus epidemic, mortgage rates fell in 2020. The state of our market is much more stable than back then, and demand is still outpacing supply, so a housing market crash is unlikely.Ģ. There are much fewer instances of people buying homes they can't afford, as they were right before the 2007 crash.
Should i buy dow now series#
In other words, the more 'in demand' the location you're looking to purchase is, the more stable your investment will be.Īnother thing to consider if you're concerned that rising prices are reflecting the crash back in 2007, is that real estate bubbles are actually very rare. The 2007 housing crisis happened because of a series of events and decisions that are not likely to occur today, such as the relaxation of lending standards, which have become much more strict in the years since.Īfter the crisis, several banks were fined huge amounts of money for their participation in lending fraud, so they’re not eager to repeat the same mistake any time soon.Īnother thing to consider is that, because of these tightened restrictions, today's buyers are much more qualified for their home loans. Our weather is warmer and many new residents love the appeal of spending more time of the year in shorts and flip-flops!" Why? Housing and cost of living are still less than in many other major markets. Williamson goes on to say, "Texas is on the map, businesses are moving to this state on a daily basis. Indicators that things aren't slowing down any time soon include job growth and population growth. There isn't an easy answer to this question, but there are factors you can look at to determine how stable the market is. Buying a house right now in Texas is a wise investment for the future." He continues, "Homes will continue to appreciate in a more aggressive and rapid manner, most likely outperforming the more traditional means of investing." Is There a Housing Bubble, and Will It Pop? "The housing market may be cooling in some other parts of the country however, here in Texas, we are still experiencing record sales.
Reagan Williamson, Broker at Better Homes and Gardens HomeCity, advises that it's still a great time to buy (in Texas, at least). To answer that concern-our experts don't see a pop in our near future. Here's What the Experts Say About Buying a House Nowįor many people the question is less, 'Is this the perfect time to buy?' and more, 'Is this the perfect time to buy for me?' However, there are still those that are concerned about a housing market bubble, and the subsequent pop that usually follows one.
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