Dallas-Fort Worth led 2021′s record-breaking Texas housing market
The number of home sales and the median home price statewide hit record-breaking highs in 2021, with Dallas-Fort Worth agents leading the state in sales, a new report from Texas Realtors shows.
The state saw 416,853 sales last year, up 6.2% from 2020. More than a quarter of 2021′s sales statewide were in the DFW area, with local real estate agents selling 112,379 homes. The region’s number of home sales stayed relatively flat from 2020 to 2021, dipping slightly by 0.2%.
The number of Austin sales increased 2.7% to 41,401, Houston sales grew 12% to 111,115, and San Antonio sales rose by 4.7% to 42,053.
“Demand for housing hit an all-time high, and we saw many multiple-offer situations, including homes that attracted dozens of offers and sold for well above asking price,” said Russell Berry, 2022 chairman of Texas Realtors, in the report. “Some buyers found it a frustrating environment.”
The median sale price in DFW soared 18.6% to $345,000 compared with 2020. Statewide, the median price reached $300,000, up 15.7% from the prior year.
Homes sold in an average of 25 days on the market, 20 days less than in 2020.
Luis Torres, research economist for the Texas Real Estate Research Center at Texas A&M University, said in the report that rising mortgage rates will weaken housing demand and ease home price pressures in 2022.
“The housing market will remain strong, with the major headwind being the low inventory of homes for sale, especially in the lower price ranges,” Torres said. “Homebuilders are trying to catch up with demand but are facing steep prices for land, materials and labor.”