Texas REALTORS® has released the 2023 Texas Homebuyers and Sellers Report, providing Texans with helpful insights and analysis of the demographics, motivations and opinions of Texas homebuyers and sellers. The report focuses on real estate transactions between July 2021 and June 2022 and outlines information related to Texas real estate consumers’ income, ethnicity, age, and experience with the homebuying and selling process.
A few highlights from the report:
- 24% of buyers were first-time homebuyers, down from 32% last year and 39% a decade ago.
- The median household income for Texas homebuyers was $110,000, $22,000 more than the national median for homebuyers.
- 13% of homes purchased during the reporting period in Texas were new homes, slightly more than the national figure of 12%.
- 52% of home purchases were made by individuals aged 55 or older. Only 2% of purchases were made by individuals aged 25 or younger.
- The top reason for Texans who sold their home during this period was to move closer to family and friends (23%), followed by job relocation (13%) and retirement (10%).
- 87% of homebuyers and sellers used a real estate agent to help buy or sell their home.
- 90% of those buyers and 85% of those sellers stated they would likely use that same agent again or recommend them to others.
Read more about the report HERE