Texas’ median home prices eclipsed $274,000 during 2021’s first quarter, according to the latest figures from a realtor organization in the state.
Overall, 84,464 homes were sold statewide during the first quarter, representing a 10.1% increase from the same time last year, according to Texas REALTORS’ quarterly housing report. The rise in home prices also represents a 13.4% year-over-year increase.
“The demand for housing in Texas remained strong despite the winter storm in February and the pandemic,” said Marvin Jolly, the group’s chairman.
“With a low supply of homes for sale, though, prices in most areas have gone up significantly, and competition among buyers has increased as well,” he continued.
Economist Luis Torres, Ph.D. with the Texas Real Estate Research Center at Texas A&M University said the combination of low interest rates and sustained demand are indicators that the state housing market is healthy.
However, a historically-low housing supply is still one of the market’s greatest challenges.