Demand for real estate grew in 2016, and with that, so did the number and diversity of the homebuyers, according to the Texas Annual Housing Report from the Texas Association of Realtors.
Demand increased in both first-time homebuyers and international buyers during 2016, according to the report. First-time buyers increased to 30% of the market and single women were twice as likely to buy a home than single men.
“Texas is a national leader in real estate growth, housing demand and development, which attracts homebuyers from across the country and around the globe,” TAR Chairman Leslie Rouda Smith said. “Texas’ diverse economy, rapid population growth and high quality of life continue to fuel home sales activity across the state.”
The housing sector also saw a strong demand increase among international buyers from Asia. Homebuyers from India purchased more homes in Texas than in any other state. In fact, about 20% of homebuyers in India who purchased a home in the U.S., bought it in Texas.
Condos, new homes, luxury homes and small land parcels all saw an increased demand this year, with condos showing even double-digit growth.
New homes also set a strong pace in 2016. During the year, about 30% of Texas homes purchased were new homes.
“The continued growth of the Texas housing market this year despite a slowing Texas economy has been remarkable,” Smith said. “As in 2016, housing development and affordability will remain key areas of focus throughout the state next year.”
But while home sales are increasing thoughout Texas, Dallas is also seeing higher home prices which even place it in some top 10 lists for the nation’s most expensive housing.