The 2019 edition of the Texas Homebuyers and Sellers Report from the Texas Realtors, out Tuesday, profiles the home buying universe: The median age of Texas home buyers was 47, unchanged from the previous year.
The median age of first-time buyers was 32. Nearly one-third of all buyers were first-timers. The majority of Texas home buyers (68%) were married couples, followed by single females at 15%, single males at 9% and unmarried couples at 5%. 13% of home buyers identified as Hispanic, with 7% black/African-American, and 4% Asian. Approximately three-quarters identified as white/Caucasian.
Among those who bought newly built homes, the top reason for doing so was to avoid renovations or plumbing and electrical problems. Buyers who purchased previously owned homes mentioned value and price as their primary motivating factors.
Just over half of Texas home buyers surveyed said that finding the right property to purchase was one of the most difficult parts of the process.
"We still have a tight supply of homes for sale in most areas of the state, which makes it challenging for buyers," said Tray Bates, 2019 chairman of Texas Realtors. "We're also seeing home prices rising faster than incomes, especially for first-time homebuyers. One key to a successful home search is for buyers to identify the features they value most in a home."
On the selling side of the transaction, the most popular reason for putting a home on the market was to move closer to friends or family, cited by 22% of respondents. Job relocations came in at 17%, while another 8% of sellers wanted to move closer to a current job.
Sellers spent a median of 10 years in their homes. The median sales price was $70,000 higher than what sellers paid for their homes. The median length of time a seller's home spent on the market was four weeks.
Consumer satisfaction with Realtors was high, with 89% of buyers and 85% of sellers saying they would definitely or probably recommend their agent to others or use their agent again.