Texas Home Sales, Median Price Break Records
For the sixth consecutive year, the Texas housing market broke records in terms of the number of homes sold and median price, while inventory levels hit a critical all-time low, according to the 2020 Texas Real Estate Year in Review report. Home sales across the state increased 9.5% in 2020, with 393,615 homes sold. This is a larger increase than the 3.8% increase in 2019.
Housing inventory dropped to 1.7 months of inventory, a decrease of 1.3 months from 2019. According to the Texas Real Estate Research Center, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory. Median home price increased 8% from the prior year to $259,230. Price class distribution showed that the largest percentage of homes sold across the state (34.5%) fell in the $200,000-$299,000 price range.
Active listings statewide declined 22.1% from 2019 to 2020. Homes spent an average of 55 days on the market, four days less than 2019.
Texas REALTORS® Chairman Marvin Jolly said, “Rising home prices coupled with the housing shortage has made affordability a challenge across our state. These issues remain top of mind for Texas REALTORS® as we continue through the 87th legislative session...
