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What Texas Homebuyers Need To Know In 2021

Homes in Texas are a hot commodity right now. In fact they have gradually been increasing in value over the years. With everyone clamoring for property in the state, it can be intimidating to be a homebuyer searching in the area.

In the last decade, from 2010 to 2020, the population in Texas grew by a rate of 15.9% which is more than double the national average.

With the influx of people comes more competition when searching for homes in this already bustling home market. To help you get through this move to Texas, or within it, we will brief you on some things you need to know as a homebuyer.

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Home Prices Are Soaring

This shouldn’t come as a surprise, but with the rapid increase in population size, the cost of houses and other properties are increasing as well.

A major draw for many heading to Texas is the relative “bang for your buck” in terms of property. Compared to many major cities and their suburbs, Texas has been known for their large property sives relative to cost. In 2019, Business Insider made a ranking of the most affordable to most expensive home prices across the country and placed Texas right in the middle at 23.

While it has only been a short amount of time since that ranking, it may be drastically different by now. For one, the pandemic has thrown many markets around the world into turmoil. The housing market for the most part stalled for the first year of the pandemic back in 2020 as uncertainty clouded everything, but this year in 2021 as the promises and lure of “returning to normal” have been prominent, the median listing price has increased by 18.7%.

This price growth of homes nationwide is on par with the price increase in Texas alone. According to Zillow’s home value index tool, Texas experienced an 18.1% home value increase over the past year and is now at $257,628.

Based on their market data, home values in Texas have been consistently increasing over the past 10 years, but experienced a sharp uptick starting in September of 2020. The values are still increasing and have yet to plateau. In fact, CNN Business reports that, “Home prices are climbing at the fastest pace in history, eclipsing even the boom in the days leading up to the Great Recession.”

In this report experts make clear that even though the pace at which the cost of housing is unsustainable in the long-term, the country is experiencing housing shortage, which is in direct opposition to the excess that existed before the “bubble” bursting with the recession of 2008.

Essentially this means that while it won't last forever, it isn’t showing signs of slowing yet. As long as there is a shortage of housing, prices will continue to trend upward.

A Closer Look At Hot Texas Markets

While Texas as a whole has experienced both a population and housing cost surge, especially in the last year, there are some cities where the prices experienced a steeper climb than the others.

Recently Forbes explored this growth in 5 key cities where the growth was the most intense.

The cities they spotlight are Plano, McAllen, Irving, Frisco, and Dallas. The most prominent changes among these five were in Frisco and Dallas. In Frisco the available inventory of homes for sale dropped 70.5% over a year and the median sale price jumped almost 24%. In Dallas the home inventory dropped over 50% and the median sale price rose almost 33%.

As mentioned previously, this growth isn’t expected to change any time soon. The Home Buying Institute reported on growth forecasts from Zillow for key metro areas in Texas. Their report shows continued estimated growth into 2022 ranging from 13%-17.8% with Austin landing on the high end.

graph depicting rising value and cost of homes

Prepare For Your Move To Texas

As a homebuyer searching for a place in Texas, you have a lot to consider, from the city you want to live in to the home itself.

One thing you don’t need to worry about is the move. When you hire professional moving services to help you, a heavy burden can be taken off of your shoulders.

When you have professional residential movers assisting you, the heavy lifting can literally be handled by them. The exhausting work of loading your entire household into a van and then unloading it all shortly later, can be done with no effort on your part.

If you want even more help, you can enlist their help with packing and unpacking so that moving requires minimal involvement from you, leaving you to focus on the home buying process.

A#1 Movers Can Make Your Move a Breeze!

Here at A#1 Movers, we deliver the best possible service to give you a stress-free move. Our expert moving crews can help you with your residential and commercial moving; handle your specialty items with care, or get you through that long-distance move. Give us a call at (469) 321-0399, or contact us to get an in-house estimate set up today!

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