Texas Housing Market Report Halfway Through 2022

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In the face of record-high year-on-year inflation, the Fed has been trying to combat it with a series of price increases not seen by many Americans in decades. Rising mortgage rates have certainly had an impact on US housing markets, with home sales nationwide down 7.4%, from 636,507 home sales in May 2021 to 589,146 home sales in May 2022, according to the latest data from Redfin.
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Texas has always shown exceptional traits when it comes to the economy and housing market compared to the United States in general. In fact, if we look back at the rise in prices during the housing bubble in the late 2000s, the Texas home price graph barely reflects the growing bubble displayed in the national graph. Thus, when it comes to the housing market for 2022, the Texas housing market is naturally an interesting market to investigate. Using housing data from Redfin, we’ve detailed the Texas 2022 housing market and where it’s headed.

10 Cities in Texas Where Home Prices Have Rated the Most

Looking at the increase in the average selling price from May 2021 to May 2022, 10 residential markets in Texas really stand out. Here’s a look at the 10 Texas cities that saw the most home price growth over the past year:

1. Waco, Texas

Average Selling Price – May 2021: $155K

Year-on-year housing price growth: 59.4%

2. Allen, Texas

Average Selling Price – May 2021: $456K

Average selling price – May 2022: $672,475

Year-on-year housing price growth: 47.5%

3. College Station, Texas

Average Selling Price – May 2021: $252,175

Average Selling Price – May 2022: $347,501

Year-on-year housing price growth: 37.8%

4. Longview, Texas

Average Selling Price – May 2021: $188K

Average Selling Price – May 2022: $257,500

Year-on-year housing price growth: 37.0%

5. Temple, Texas

Average selling price – May 2021: $240,000

Average selling price – May 2022: $328,101

Year-on-year housing price growth: 36.7%

6. McKinney, Texas

Average Selling Price – May 2021: $425K

Average selling price – May 2022: $577,700

Year-on-year housing price growth: 35.9%

7. Frisco, Texas

Average selling price – May 2021: $541,750

Average selling price – May 2022: $725,000

Year-on-year housing price growth: 33.8%

8. Plano, Texas

Average selling price – May 2021: $430K

Average selling price – May 2022: $570,000

Year-on-year housing price growth: 32.6%

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Ho Mond, Texas

Average Selling Price – May 2021: $510K

Average selling price – May 2022: $664,000

Year-on-year housing price growth: 30.2%

10. Mission, Texas

Average selling price – May 2021: $185.005

Average selling price – May 2022: $240,000

Year-on-year housing price growth: 29.7%

10 cities in texas where inventory fell the most

Available inventory took a huge hit during 2021 and early 2022, as many housing markets across the US saw the supply of homes available for sale halved, or worse. Here’s a look at the 10 Texas housing markets where inventory fell the most from May 2021 to May 2022:

1. Brian, Texas

Available Stock – May 2021: 51

Stock Available – May 2022: 23

Year-on-year decrease in inventory: 54.9%

2. Dallas, Texas

Available Stock – May 2021: 2121

Stock Available – May 2022: 1,374

Annual decrease in inventory: 35.2%

3. Atascocita, Texas

Available stock – May 2021: 233

Stock Available – May 2022: 151

Annual decrease in inventory: 35.2%

4. Woodlands, Texas

Available stock – May 2021: 240

Stock Available – May 2022: 161

Annual decrease in inventory: 32.9%

5. Richardson, Texas

Stock Available – May 2021: 133

Stock Available – May 2022: 90

Annual decrease in inventory: 32.3%

6. Carrollton, Texas

Available stock – May 2021: 147

Stock Available – May 2022: 104

Annual decrease in inventory: 29.3%

7. Tyler, Texas

Available stock – May 2021: 66

Stock Available – May 2022: 47

Annual decrease in inventory: 28.8%

8. Irving, Texas

Stock Available – May 2021: 181

Stock Available – May 2022: 133

Annual decrease in inventory: 26.5%

9. Houston, Texas

Available Stock – May 2021: 6172

Available Stock – May 2022: 4,635

Annual decrease in inventory: 24.9%

10. Berland, Texas

Available stock – May 2021: 147

Stock Available – May 2022: 114

Annual decrease in inventory: 22.4%

10 Cities In Texas Where Homes Are Selling For More Than List Price

The sales-to-list ratio measures the average home selling price above or below the list price in a particular area. Thus, a sales-to-list ratio of more than 100% indicates that the average home is selling for more than was recorded; A sales-to-list ratio of less than 100% indicates that the average home is selling for less than its listed price. As a result, the sales-to-list ratio can be a useful metric for gauging the popularity of particular housing markets by showing which markets see homebuyers willing to pay significantly higher than the original list price. Here’s a look at the 10 Texas cities ranked by highest sales-price ratios to list in May 2022:

1. Allen, Texas

Sales to List Ratio – May 2021: 106.7%

Sales to List Ratio – May 2022: 109.6%

Change in sales-to-list ratio year-over-year: 2.7%

2. Frisco, Texas

Sales to List Ratio – May 2021: 106.3%

Sales to List Ratio – May 2022: 109.5%

Change in sales-to-list ratio year-on-year: 3.0%

3. Plano, Texas

Sales to List Ratio – May 2021: 105.1%

Sales to List Ratio – May 2022: 109.5%

Change in sales-to-list ratio per year: 4.1%

4. McKinney, Texas

Sales to List Ratio – May 2021: 107.1%

Sales to List Ratio – May 2022: 109.1%

Change in sales-to-list ratio year-over-year: 1.9%

5. Flower Mound, Texas

Sales to List Ratio – May 2021: 105.9%

Sales to List Ratio – May 2022: 108.6%

Change in sales-to-list ratio year-over-year: 2.5%

6. Carrollton, Texas

Sales to List Ratio – May 2021: 105.1%

Sales to List Ratio – May 2022: 108.6%

Change in sales-to-list ratio per year: 3.3%

7. Richardson, Texas

Sales to List Ratio – May 2021: 103.8%

Sales to List Ratio – May 2022: 108.2%

Change in sales-to-list ratio year-over-year: 4.2%

8. Louisville, Texas

Sales to List Ratio – May 2021: 105.2%

Sales to List Ratio – May 2022: 107.8%

Change in sales-to-list ratio year-over-year: 2.4%

9. Cedar Park, Texas

Sales to List Ratio – May 2021: 113.1%

Sales to List Ratio – May 2022: 107.3%

Change in sales-to-list ratio per year: -5.2%

10. Round Rock, Texas

Sales to List Ratio – May 2021: 111.7%

Sales to List Ratio – May 2022: 107.0%

Change in sales-to-list ratio per year: -4.2%

The Bottom Line in the Texas Housing Market 2022

In the Texas housing market statewide, the median sales price of a home increased by 19.2%, from $327,700 in May 2021 to $390,600 in May 2022. That annual increase in home prices is greater than in the United States overall, which has seen a median increase ​​The sales price increased by 14.8% from May 2021 to May 2022. However, the median sales price for a Texas home is still more affordable than the US average: $390,600 versus $430,621 in May 2022, respectively.

Home sales in the Texas housing market fell over the past year, by 4.3%, from 31,758 home sales in May 2021 to 30,386 home sales in May 2022. However, the 4.3% annual decline isn’t as sharp as the overall decline in the U.S. by 7.4%. In terms of the sales-to-list ratio, the Texas housing market is slightly below the national average, with Texas having a sales-to-list ratio of 102.7% and the United States having a sales-to-list ratio of 103.1% in May 2022.

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