Texas homebuyers were twice as likely as buyers nationwide to purchase a newly constructed home instead of a pre-owned property, according to a data report from Texas Realtors.
An analysis of Lone Star State real estate transactions between July 2023 and June 2024 found 30% of Texans opted for new construction. However, only 20% of home purchases during that period, a record low – in comparison, first-time home purchases nationwide were 24% of home sales, also an all-time low. Also, the median age of homebuyers in Texas was at a record high of 58.
Texans were also ahead of the nation for buying multi-generational homes – 24% of the state’s buyers to share the home with adult children, adult siblings, parents, or grandparents, compared to 17% nationwide – and both figures were new highs.
As for Texas home sellers, 49% said they could wait for the right offer while an additional 37% said they could sell in a reasonable time frame, and 15% reported needing to sell as soon as possible. Nearly one-third (31%) of sellers had their homes on the market for one week or less.
“A home purchase brings together so many important aspects of life,” said Christy Gessler, chairman of Texas Realtors. “It can be challenging to balance all the considerations, and the transaction itself can be complex, but your Texas Realtor has the knowledge and resources to assist you through the whole process.”
