AUSTIN – Texas homebuyers are more diverse and earn higher incomes than homebuyers nationally, according to the 2021 Texas Homebuyers and Sellers Report by Texas Realtors.
“The increase in household income is encouraging as well as the broader base of diversity in homebuyers,” said 2021 Texas Realtors Chairman Marvin Jolly. “Even with higher income levels, buyers are experiencing one of the most challenging markets in history right now, as the supply of homes for sale in most areas of Texas is extremely low.”
According to the report, 18 percent of homebuyers identified as Hispanic/Latino, up from 14 percent the previous year; 7 percent identified as Black/African-American, up from 5 percent; and 6 percent identified as Asian/Pacific Islander, up from 4 percent. White/Caucasian homebuyers fell from 78 to 69 percent between the two reporting periods.
The majority of Texas homebuyers (68 percent) were married couples, followed by single females (15 percent), single males (9 percent), and unmarried couples (6 percent). The median age of Texas homebuyers was 48, four years younger 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 percent were first-time homebuyers, unchanged from last year.
“Although median household incomes continue to rise, median home prices have risen aggressively,” said Jolly.
The most popular reason for Texans to put their homes 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 of time the home spent on the market was four weeks.
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 Texas Real Estate Research Center has more housing news online for free: