Realtors: Texas Average Home Price Increased 94% Between 2011-2020
NORTH TEXAS (CBSDFW.COM) — The dream of home ownership is becoming harder to attain for some. According to a report released by Texas Realtors, the median home price in Texas increased $112,200 over the past decade.
The report features statewide and local-market data on total homes sold, median price, days on market and average price per square foot for each of the past 10 years.
"Some of the factors that have affected real estate transactions and property ownership include significant population growth, natural disasters big and small, new home technologies, and, of course, the pandemic," said Marvin Jolly, chairman of Texas Realtors.
A total of 3,118,089 homes were sold in the state during the decade. The median price increased from $146,988 at the end of 2011 to $259,188 at the end of 2020 -- a 76% jump.
Three-quarters of homes sold in the past decade were located in the state's four largest metro areas (Dallas-Fort Worth-Arlington, Houston-The Woodlands-Sugarland, Austin-Round Rock, San Antonio-New Braunfels), with the DFW area topping the list at 923,528 homes sold.
The report also details how the time homes spent on the market has decreased, suggesting that continued high demand and limited supply is requiring buyers to make quicker decisions. In 2011, homes spent an average 93 days on the market, which dipped by 41% to 55 days in 2020. On the rise, however, is the price per square foot, climbing more than 40% to a median $141.
