Hot Texas housing market boasts growing number of first-time buyers
Even with rising prices and slim inventory, Texas is opening the door to homeownership for a large pool of first-time buyers. A new report released by Texas Realtors shows that the percentage of first-time homebuyers in Texas increased from July 2020 to June 2021, at a time when real estate was exploding statewide.
According to the 2022 Texas Homebuyers and Sellers Report, 32 percent of all Texas homebuyers during the one-year period purchased a home for the very first time. That figure was up 1 percent from the previous study, which included data from July 2019 to June 2020.
Among the state's first-time homebuyers, 49 percent were married couples and 13 percent were unmarried couples; 19 percent were single females, 16 percent were single males, and 3 percent identified as other.
The median age for first-time buyers in Texas was just 30 years old, and their median income was $82,500. Compare that to the typical Texas homebuyer from 2020-2021, who was 47 years old, with a median income of $105,000.
When it came to the homebuying process, more than half of all Texas buyers said finding the right property was the most difficult part — not surprising given the red-hot status of Texas real estate.
According to the report, Texas homes spent only two weeks on the market from July 2020 through June 2021, which was half as long as the previous period. That's good news for Texas sellers, whose properties flew off the shelves, and who, on average, sold their homes for $80,000 more than the purchase price.