Five Trends in Texas Real Estate You Must Know

The population of Texas boomed last year, and it led the nation in growth. Attracting 310,288 new residents in one year alone, the state stands at 29,527,941.

A lot of this growth is due to urban sprawl. That means that people are moving to areas outside the city center, and they either commute easily to work or work from home. These suburban areas have a range of amenities for families and first-time homebuyers at a lower cost than urban areas.

The fastest-growing cities within Texas are:

  1. Frisco (#1 fastest-growing U.S. city with a 71% growth rate and $554,986 median home value)

  2. New Braunfels (#3 fastest-growing U.S. city with a 56.6% growth rate and $350,000 home value)

  3. McKinney (#4 fastest-growing U.S. city with a $442,427 median home price)

  4. Cedar Park (#7 fastest-growing U.S. city with a 73% population increase over the past ten years)

  5. Conroe (#9 fastest-growing U.S. city with 74.5% population growth since 2010 and an average home price of $285,589)

  6. Round Rock (#13 fastest-growing U.S. city with 33.3% population growth over the last ten years and an average home price of $482,190)

People are moving to Texas for jobs. Affordable housing, low taxes, a family-friendly environment, diversity, and good weather are among the other factors people consider when they migrate to Texas.

Five Facts About Texas Real Estate

1. The Housing Inventory Is Limited

Real estate options in Texas are varied in terms of the type of home and neighborhood and pricing. As in many states, inventory is tight, and few homes are available at lower price points and in the luxury market.

2. Companies Are Moving to Texas

Companies are relocating to Texas, and despite the work-from-home trend, corporate relocations create an uptick in population and demand for housing. Among the companies that moved or expanded in Texas are the CBRE Group, McKesson Corp., and Charles Schwab. 

n addition, technology companies like Amazon, Apple, Dell, Google, Tesla, and IBM all have significant Texas locations. A $17 billion Samsung semiconductor factory is coming to Taylor (a small town near Austin) and will contribute to population growth.

3. The Multi-Family Home Market Is Strong

As in much of the country, Texas's multi-family real estate market is strong. Renters occupy 38% of Texas homes. Mixed-use developments are also in the works in Texas. An 80-acre complex is underway in Frisco, and several projects are under construction near Houston. Today's consumers often like to live in communities where they have access to a wide range of services and entertainment.

4. Texas Is Diverse

According to a Texas Realtors report, Texas homebuyers are more diverse than those of other states. The number of Hispanic/Latino buyers grew 18%, up from 14% the previous year, and black/African American buyers increased to 7% from 5%. White/Caucasian homebuyers dropped from 78% to 69%.

5. Texas Realtors Can Earn a Lot

Texas currently has 146,258 realtors. The real estate professionals in Texas can earn more than double the national annual average. 

How to Become a Successful Real Estate Agent in Texas

As in any market, knowing which neighborhoods and communities are multiplying creates opportunities for earning. Understanding the diverse consumers buying and renting in Texas is also essential to have a solid marketing plan.

Given the real estate growth in Texas, becoming an agent is a smart move for anyone considering a career change. The Texas population boom shows no sign of slowing. With the proper training, a Texas agent can enjoy a handsome income, serving a wide range of housing needs.

Begin your training today and get your Texas real estate license.

Need to Renew Your Real Estate License? Begin your Continuing Education Course today!

Get Started Now!

Want to know more about being a real estate agent?