Real Estate Facts and Projections for the Great State of Texas

According to a new report from Realtor.com, migration from other states and the positive aspects of living in Texas means it will likely become the most populous state in the country by 2045.  

Information regarding the growth of Texas is and moving forward will remain relevant to both buyers and sellers, so read on to gain some interesting facts and projections pertaining to the Texas real estate market: 

• Factors contributing to Texas’ population boom include its favorable climate, strong job market and relatively affordable housing. 

• Texas experienced robust job growth, adding 2.5 million jobs from 2014 to 2024. The state’s unemployment rate was 4.2% in 12/2023 and has remained under 5% for a decade, except for a short period following the onset of the Covid-19 pandemic. 

• Texas had 31.3 million residents in July 2024, an increase from 30.5 million in 2023 and 29.1 million in 2020 - an almost 8% rise in just four years. ● More than 25% of those searching for homes in Texas are from outside the state with the largest influx coming from international migration and California relocation. 

• Years of under-building nationwide led to housing shortages, causing cash offers to flood the market. This also drove up listing prices and rental costs. ● Texas responded by leading the nation in home construction last year, surpassing all other states, to meet rising demand. In 2024, Texas ranked #1 for new housing permits, accounting for 15% of the U.S. total. 

• This has helped stabilize the market in Texas and restore housing inventory to pre-pandemic levels, ahead of the national recovery. 

• Housing Affordability (median home prices in Texas are over 10% below the U.S.). Jobs gravitate to where there are more affordable housing options which allows companies to also pay wages that are more profitable because the money buys more. Add in No state income tax and Texas is projected to be one of the nations leaders in both housing affordability and standard of living. 

• All of the above, makes Texas a profitable market in which to buy, sell and invest in Real Estate for the foreseeable future!

Please email me at cathy@houstonshomefinder.com or call me at (713) 899-8706 for all of your real estate needs!