Condos are a hot commodity in Texas, says a new report from the Texas Association of Realtors.
The recently released Texas Condos Sales Report shows that condo and townhome sales in Texas exceeded $5.4 billion between August 2016 and July 2017. Individually, condo sales saw an 8.6 percent increase, while townhomes saw a 5.1 percent increase during the time period.
“The Texas condominium market has been one of the fastest-growing segments of the housing market this year,” says Vicki Fullerton, chairman of the Texas Association of Realtors, in a release. “These property types are increasingly preferred among many Texas homebuyers, as they often are less expensive to purchase; require less upkeep; and provide closer access to their work, schools, and essential services.”
The Austin metro area had the highest sales dollar volume for condo sales in the state. From August 2016 to July 2017, sales increased 13.2 percent, and the sales dollar volume grew almost 20 percent, to just over $1 billion, accounting for nearly one-third of statewide condo sales dollars.
The Houston metro had the highest sales dollar volume for townhomes: over $934 million, about one-third of Texas' townhome sales dollars.
In San Antonio-New Braunfels, condo sales increased 7 percent, while townhome sales increased a whopping 28.9 percent. Still, the San Antonio area had the lowest volume of sales dollars for both categories among the metros studied.
Like single-family home prices, condo and townhome prices are on the rise in Texas, but they remain an affordable option. In July 2017, the median price of a Texas condo reached $179,900, while the median townhome price hit $226,675.
In San Antonio, these housing options are a steal. The median condo price is $123,700, and the median townhome price is $140,000. Compare that to neighboring Austin, where a condo costs $255,000 and a townhome goes for $235,000.