The number of first-time homebuyers in Texas has been decreasing, with only 24 percent of homebuyers being new buyers between July 2021 and June 2022, as reported in the Texas Realtors’ 2023 Texas Homebuyers and Sellers Report. This decline from 32 percent the previous year and 39 percent a decade ago highlights a shift in the real estate market of Central Texas. The median household income for Texas homebuyers was $110,000, considerably higher than the national median of $88,000. A total of 13 percent of homes purchased in Texas were new homes, slightly above the national average of 12 percent.
The age demographics of home purchasers in Texas are also noteworthy. More than half of the purchases (52 percent) were made by individuals aged 55 or older, while only 14 percent were aged 25 to 34. The top reasons for Texas residents selling their homes were to move closer to family and friends (23 percent), job relocation (13 percent), and retirement (10 percent), reflecting the strong job market in the state.
The majority of homebuyers and sellers (87 percent) enlisted the help of a real estate agent, with 90 percent of those buyers and 86 percent of sellers stating they would likely use the same agent again or recommend them to others. To read more about this trend in first-time homebuyers in Texas, please visit this article: [https://www.recenter.tamu.edu/news/newstalk-texas/?Item=29170](https://www.recenter.tamu.edu/news/newstalk-texas/?Item=29170)