The metropolitan areas of Austin, DFW and Houston have the highest average monthly incomes in Texas, as does Midland, whose energy-related industry is recovering from the fall in the price of oil. The Texas housing market has been relatively stable in recent years, but there have been some signs of weakness. Real estate brokers are also reporting an increase in property and ranch sales in lakes as people look for ways to get away from congested cities. Texas has been one of the fastest-growing states in terms of employment in recent months, and this trend has continued.
The Texas housing market has stabilized, and supply and demand show signs of recovery. According to the Texas Public Policy Foundation, many Texas cities have responded to rapid growth by enacting strict zoning codes, ordinances that control land use and construction, in order to remove tracts of land from housing estates, raising demand and prices. Data from the Texas Real Estate Research Center at Texas A&M University shows that home sales fell by more than 5% in the three months from April to June compared to the same period last year. Whether you're a homebuyer or a real estate investor, Texas has been one of the best long-term real estate investments in the United States for the past decade.
After years of sharp increases in home prices and stiff competition to buy a home in the midst of the COVID-19 pandemic, the Texas housing market is starting to cool down. According to recent census estimates, four of the five fastest-growing large cities in the country (those with 50,000 inhabitants or more) are located in Texas: Conroe, Frisco, McKinney, and Georgetown, all within the state's largest metropolitan areas. It's essential to be aware of local real estate market trends to make informed decisions as a buyer or seller in Texas. As an expert on real estate investments, I can confidently say that unless a recession occurs, real estate prices are unlikely to drop anytime soon due to Texas' continued population growth and strong labor market.
However, I do expect prices to grow more slowly than they have over the past two years. Renters are particularly vulnerable to rising costs - 43.9 percent of Texans and 46.1 percent of Americans are renters - so it's important for potential buyers to be aware of this when considering their options. In addition, Texas is the country's top natural gas producer and prices have been volatile recently. Compared to an increase in supply during the pandemic, active ads in Texas have more than tripled from the previous year in Austin.
In conclusion, while there are some potential obstacles that could affect real estate prices in Texas in the future, overall it remains a great long-term investment opportunity for both buyers and investors alike.