Texas is a great place to live and work, and its real estate market is booming, despite a predicted 2023 recession.
In December 2022, home prices in Texas were up 3.6% compared to last year, selling for a median price of $345,500. On average, the number of homes sold was down 34.7% year over year and there were 21,703 homes sold in December this year, down 33,131 homes sold in December last year. The median days on the market was 49 days, up 22 year over year.
Home prices in Texas have been steadily increasing over the past few years due to population growth, job opportunities, and inflation. As more people move to Texas, the demand for housing increases, driving up property values. This can be seen by looking at home price trends in the past few years which show increasing values with time. As mentioned earlier, Texas is projected to have a population increase of 1.6% each year which means this trend will continue over the next few decades if not sooner.
Whether you’re looking for a new home or an investment property, it’s important to understand the current trends in Texas real estate. This article will provide an overview of home prices in Texas and discuss how they are affected by inflation and other factors. .Texas had a population growth of 20,838,717 in the year 2020 and is expected to grow at a rate of 1.6% each year. The demand for housing increases as more people move to Texas, leading to higher prices and increased property value.
Trends continue to show a steady resident shift into the state of Texas, which will cause home prices to continue to rise.
If you are considering a move to Texas or within Texas, contact the experts at Marine Movers.
