Do you fit the profile of the average Texas homebuyer or seller?
Texas REALTORS recently released its 2020 Texas Homebuyers and Sellers Report, providing in-depth insights into the demographics, motivations, and opinions of Texas homebuyers and sellers who had a real-estate transaction between July 2018 and June 2019.
If you like graphics, the 2020 report is well-designed and colorful. If you like perspective and context with your real-estate data, the report certainly delivers.
The report also outlines information related to consumers’ incomes, ethnicity, age, and perceptions of the homebuying and selling process.
“Whether it’s a first-time homebuyer from another state relocating for a job, a repeat buyer looking to downsize or a married couple wanting to start a family, there is no one-size-fits-all solution in the hot Texas housing market,” according to the report’s executive summary.
The old build vs. new build discussion came up. Buyers who bought previously owned homes mentioned better prices, value, and charm as the top motivating factors. Buyers of newly built homes (24 percent) cited avoided renovations or plumbing and electrical problems as top reasons they bought a new home.
According to the report, 67 percent of Texas homebuyers were married couples, followed by single females (17 percent), single males (10 percent), and unmarried couples (5 percent). Nearly one-third of all buyers were first-time buyers.
The median age was 52, five years more than last year. The median household income for a buyer was $95,000.
White buyers make up the largest share of homebuyers. Those identifying as Hispanic or Black accounted for 14 percent and 5 percent, respectively.
“While Texas was slightly better than the national average of homebuyer diversity, we still have work to do,” according to the executive summary.