![]() San Antonio is home to the Alamo and the famed River Walk, man-made canals that run for miles just below ground level with a walkway for strolling the restaurants and shops. San Antonio topped the nation in growth, adding more than 13,000 people over the past year. Census Bureau recently updates its list of the cities that grew the most over the past year, and eight Texas cities were among those showing the largest increases nationally for cities with a population over 50,000. These unique factors make Texas a unique place for real estate that might not echo nationwide trends. The Dallas-Fort Worth area was recently ranked in a survey of 2,000 real estate agents as the second-best city in the country for real estate investors.Ĭalifornians continue to migrate to Texas at a significant rate, finding they can often find homes that are twice the size and half the price here. While all Texas metro areas are seeing growth, Austin and Dallas continue to rank in the top five of the fastest-growing cities in the country. Amazon, Google, and Tesla have all expanded their Texas operations. Businesses such as Oracle, Hewlett Packard, Charles Schwab, Toyota, Samsung, Kubota, and more have moved headquarters to Texas or building new plants. Texas continues to rank in the top five states most attractive to businesses. Every week, the state’s population grows by 3,800 people. However, unlike other places in the country, Texas continues to grow at a record pace. More homes on the market paired with lower demand could lead to downward pricing trends in 2023. Buyers simply can't afford the same home prices they could a year ago. But despite all that growth, there is one major factor slowing things down - rising interest rates. Today, the average price of a home in Texas stands at $373,580, and the median price is $300,000. The Texas Real Estate Research Center at Texas A&M University tracks real estate prices going back to 1990. If you owned a home in Texas in 1991, it’s generally worth three times what it cost then. A Zillow analysis shows that a typical mid-price property grew in value by nearly 64% over the past five years and almost 16% over the past year. Housing prices have risen dramatically over the past few years. Major Factors Contributing to the State of Today’s Texas Market There are more homes for sale now than at any time since the fall of 2020. It remains a seller’s market, but buyers now have more choices. This means buyers may now be able to get into homes without having to pay above the asking price, as has been the norm over the past few years. Home prices - while still above pre-pandemic levels - are not growing as rapidly. After real estate prices hit record highs earlier in 2022, the Texas real estate market has started to cool a bit.
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