Are you planning to buy property or land for sale in Texas? If yes, it is only natural that you should know the current scene of the real estate market in Texas. This will help you understand if you can invest in real estate in that specific geography. Let’s keep reading to know more about this in the following section.
How does the real estate market in Texas look amidst the current pandemic?
The real estate market in Texas is known for being one of the most dynamic among all the states in the USA. In the last 5 years, the real estate market here has witnessed a booming phase with a record-breaking number of houses being sold. However, many realtors in Texas are quite concerned about the slowdown they are facing now, amidst the Corona crisis.
All the members of the Texas Association of Builders are concerned about the sluggish phase that the real estate market is currently going through. The general belief is that a slump in the real estate market can also affect the overall economy because many jobs are dependent on this sector.
What is the road ahead of the real estate market in Texas?
According to realtors, the market will take a long time to come back to normalcy. Some places such as Houston and Midland Odessa would be hard hit, as they are reliant on the energy industry for their economic growth. While there was a 4.8% decrease in home listings in March 2020 as compared to March 2019, the price of homes went up by 3.6% went up during the same period.
When you are looking to buy land for sale in Texas, you may look at areas such as Houston, Permian Basin and Rio Grande Valley. These areas are heavily dependent on cross-border business and also on the performance of the energy industry for their growth. Since these businesses are closed due to the COVID-19 pandemic, the real estate sector is at an all-time low in these places.
Currently, the list of physical home showings across all states in Texas is pegged at around 38 to 44% lesser than the scene before the pandemic, according to authentic sources. With the sellers not being very open to show their listings and buyers facing huge financial crises due to loss of jobs and lockdown, the real estate market in Texas does look bleak for a very long time.