Condos are a hot commodity in Texas, says a new report from the Texas Association of Realtors.
The recently released Texas Condos Sales Report shows that condo and townhome sales in Texas exceeded $5.4 billion between August 2016 and July 2017. Individually, condo sales saw an 8.6 percent increase, while townhomes saw a 5.1 percent increase during the time period.
“The Texas condominium market has been one of the fastest-growing segments of the housing market this year,” says Vicki Fullerton, chairman of the Texas Association of Realtors, in a release. “These property types are increasingly preferred among many Texas homebuyers, as they often are less expensive to purchase; require less upkeep; and provide closer access to their work, schools, and essential services.”
The Austin metro area had the highest sales dollar volume for condo sales in the state. From August 2016 to July 2017, sales increased 13.2 percent, to 3,302 sales. The sales dollar volume grew almost 20 percent, to just over $1 billion, accounting for nearly one-third of statewide condo sales dollars — the highest in the state.
The Houston metro had the highest sales dollar volume for townhomes: over $934 million, about one-third of Texas' townhome sales dollars.
How does Dallas-Fort Worth compare? From August 2016 to July 2017, condo sales in Dallas-Fort Worth decreased 2.5 percent to 3,747 sales, while townhome sales increased 9.3 percent to 2,724 sales during the same time frame, the report shows. Monthly sales volume for both condos and townhomes peaked in May 2017, with 371 condos sold and 313 townhomes sold throughout the area.
The Dallas-Fort Worth-Arlington area had the second highest townhome sales dollar volume, the survey says. Condominium sales dollar volume increased 10.3 percent to more than $911 million between August 2016 and July 2017, while townhome sales dollar volume grew 19 percent, to more than $756 million.
Like single-family home prices, condo and townhome prices are on the rise in Texas, but they remain an affordable option. In July 2017, the median price of a Texas condo reached $179,900, while the median townhome price hit $226,675.
In Dallas-Fort Worth, a condo will cost you $185,000. That represents a 12.1 percent increase from the first seven months of 2016. Austin has the highest median condo price in the state, at $255,000. In Houston, a condo goes for $135,000, while San Antonio is a steal at $123,700.
The median price for a Dallas townhome is $265,000. That's higher than Austin ($235,000) and Houston ($237,900), and well above San Antonio ($140,000).